TLDR
- Visa’s VSP gives institutions one managed platform for stablecoin issuance, wallets, transfers, and redemption workflows.
- The platform starts with Open USD while remaining compatible with USDC, USDG, and existing services.
- Banks and fintechs can link accounts, set approvals, and manage stablecoin treasury operations with safeguards.
- Visa says VSP supports settlement, liquidity management, wallet infrastructure, and cross-border stablecoin payment flows globally.
- Beta clients will test the platform before Visa expands access based on early customer feedback.
Visa Stablecoin Platform, or VSP, gives institutions one managed environment to mint, redeem, hold, transfer, and burn stablecoins. The platform begins with Open USD, a dollar-backed token introduced by Open Standard.
Bloomberg reported Thursday that the platform is being rolled out to a select group of beta customers. Visa said the system is designed to help clients issue stablecoins, move them across blockchain networks, and manage activity through one platform.
The platform is also compatible with Visa’s existing stablecoin services, including USDC and Paxos’s USDG. That structure gives banks and fintechs a way to add stablecoin functions without building separate infrastructure for each process.
VSP connects stablecoin activity with Visa’s network, risk tools, and fraud controls. The company said the product supports treasury, settlement, liquidity, and payment workflows.
Banks and Fintechs Get Stablecoin Tools
Visa said institutions can use its Wallet-as-a-Service stack or connect their own wallets. Clients can also link bank accounts and set approval rules for stablecoin movements.
The platform includes dual-control approvals, audit logs, passkeys, and transfer allow lists. These controls are designed for firms that need clear rules around who can start and approve payments.
Jack Forestell, Visa’s chief product and strategy officer, said stablecoins are creating a new layer of programmable money. He said VSP gives clients one place to “mint, move and manage” stablecoin operations.
Visa wants the platform to support financial institutions that serve large payment networks. The company works with about 15,000 financial institutions and more than 200 million merchants worldwide.
Visa Expands Stablecoin Strategy
The launch extends Visa’s stablecoin work beyond settlement, cards, and cross-border money movement. VSP adds issuance access, wallet infrastructure, and transaction controls for institutional users.
Financial firms can use the platform to support U.S. dollar stablecoins for settlement and fund transfers. The product also gives fintechs and crypto platforms a way to connect stablecoin flows with Visa’s global network.
VSP is currently available through a beta program for selected clients. Visa said early feedback will shape future expansion before broader market availability.
The launch comes as banks and payment firms prepare for wider stablecoin use in finance. Visa’s approach places stablecoin tools inside payment and treasury systems that institutions already use.
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