Visa has introduced a stablecoin platform for minting, moving and managing digital dollars.
The Visa Stablecoin Platform is designed for financial institutions, fintech companies and payment providers looking to run stablecoin operations through a single Visa-managed environment.
The platform will initially support Open USD, a stablecoin introduced by Open Standard.
Clients will be able to mint, redeem, hold and transfer the stablecoin for treasury, settlement and liquidity purposes.
Visa is also introducing a Wallet-as-a-Service offering that gives institutions access to onchain wallet infrastructure.
Clients can use a Visa-managed wallet system or connect their existing wallets.
The platform allows users to link bank accounts and set approval rules, user permissions and transfer policies.
Its security features include dual approval for sensitive actions, audit logs, passkeys and allow lists that restrict transfers.
Jack Forestell, Chief Product and Strategy Officer at Visa, said,
“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.
With the Visa Stablecoin Platform, we’re giving our clients a single place to mint, move and manage stablecoin operations with the controls, security and network reach they already expect from Visa.”
The platform is designed to connect stablecoin services with its existing payment, treasury, settlement and currency tools.
It will also work alongside Visa’s stablecoin settlement services, stablecoin-linked cards and money movement capabilities.
The Visa Stablecoin Platform and Wallet-as-a-Service are initially available in beta to selected clients.
Visa will use feedback from the testing period to guide a broader rollout.
Featured image: Edited by Fintech News Singapore, based on image by Magnific