Visa has launched a platform that lets banks and crypto firms mint and manage stablecoins through a single environment, starting with Open USD.
Payment technology behemoth Visa has unveiled a new platform to mint and govern stablecoins by banks, fintechs and crypto firms.
According to the press release by the company on Thursday, the Visa Stablecoin Platform, or VSP for short, merges wallet infrastructure, token minting and burning and payments functionality into one.
Out of the gate, the platform will support Open USD, the stablecoin issued by the firm Open Standard, whose partnership was recently questioned by multiple Korean giants such as Samsung and Dunamu over their involvement, even though Open Standard initially claimed that the companies were indeed part of the initiative.
Visa also said VSP includes a wallet-as-a-service offering, allowing institutions to use on-chain wallets without having to build their own infrastructure.
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Dual-Approvals and Allowlists
According to Visa, the platform is designed to integrate with the company’s stablecoin products, such as stablecoin settlement and stablecoin card, so that users can adopt blockchain-based payments as an additional tool within their treasury and payment flows rather than replace them.
Additionally, there are features targeting institutions, such as dual-approval process, audit logs, transfer allowlists and wallet security with passkeys, per the press release.
VSP is now available for use by a select number of clients in beta version. Visa said it would be launching it more widely in the future, though no timeframe was given.
The launch comes amid Visa’s broader push into stablecoins. In April, it launched stablecoin settlement pilot on five new blockchains, bringing the total number of supported chains to nine, Bitcoin Foundation reported.
