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Visa backs Open USD with new stablecoin platform as Circle (CRCL) faces fresh competition

Visa launched a stablecoin platform that lets banks and fintechs issue, manage and settle digital dollars through its payments network.

YayaNewsFinancial news writer2026-07-17 02:12Updated: 2026-07-17 02:120 ViewsSource CoinDesk

YayaNews contributes financial news and market context through the YayaNews editorial workflow.

Visa backs Open USD with new stablecoin platform as Circle (CRCL) faces fresh competition

Finance

Visa backs Open USD with new stablecoin platform as Circle faces fresh competition

Visa launched a stablecoin platform that lets banks and fintechs issue, manage and settle digital dollars through its payments network.

Helene Braun

Edited by

Nikhilesh De

Jul 16, 2026, 4:14 p.m.

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Summary

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Visa introduced the Visa Stablecoin Platform on Thursday, giving financial institutions tools to issue, store and transfer Open USD stablecoins.

The platform combines wallet infrastructure, stablecoin issuance and Visa's payment network to simplify blockchain-based payments and settlement.

Circle shares fell about 5% as competition in the stablecoin market intensified following Visa's support for Open Standard's Open USD.

Visa introduced a new platform aimed at making it easier for banks, fintech companies and crypto firms to build products using stablecoins, expanding its push into blockchain-based payments as competition in the sector intensifies.

The company

announced

on Thursday that it was launching the Visa Stablecoin Platform (VSP), an enterprise service that allows institutions to issue, store, transfer and redeem stablecoins through a single Visa-managed system. The platform launched with support for Open USD (OpenUSD), a recently introduced stablecoin from Open Standard, and includes tools for minting and redeeming the token along with wallet infrastructure for managing onchain assets.

Stablecoins are cryptocurrencies designed to maintain a fixed value, typically by being pegged to the U.S. dollar. Unlike bitcoin

BTC

64,136.15

or ether (ETH), they are widely used for payments, cross-border transfers and settlement because they combine blockchain's speed with a relatively stable price.

Visa said the platform provides Wallet-as-a-Service infrastructure, blockchain connectivity and security features such as dual-approval workflows, audit logs and transfer allow lists. The platform is also integrated with Visa's existing payment network, allowing financial institutions to incorporate stablecoins into treasury management, settlement and payment products without replacing their existing systems.

"Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn't the concept, it's the operational reality," Jack Forestell, Visa's chief product and strategy officer, said in a statement.

The launch builds on Visa's broader digital asset strategy. The company already supports stablecoin settlement for select partners, offers crypto-linked card programs and has expanded blockchain-based cross-border payment services.

The announcement comes as competition in the stablecoin market is heating up. Open Standard, the consortium behind Open USD, counts Visa, BlackRock, Alphabet and Coinbase (COIN) among its backers. The project is seeking to attract banks, payment firms and crypto exchanges by eliminating minting and redemption fees while returning nearly all reserve income to distribution partners. If successful, that model could shift more of the economics of stablecoins away from issuers and toward the companies that distribute them.

The competitive pressure has weighed on Circle (CRCL), whose USDC is the world's second-largest stablecoin behind Tether's USDT. Circle shares were down about 5% on Thursday and have faced pressure since Open Standard was unveiled, reflecting investor concerns that new revenue-sharing models could erode the economics of established issuers.

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