SAN FRANCISCO (dpa-AFX) - Visa Inc. (V) has introduced the Visa Stablecoin Platform (VSP), a new enterprise solution designed to help financial institutions, fintech companies and crypto firms access and manage stablecoin services through a single Visa-managed platform.
The platform initially supports Open USD (OUSD), a stablecoin recently launched by Open Standard, and enables users to mint, redeem, hold and transfer the digital asset. It also includes a new Wallet-as-a-Service offering, providing on-chain wallet infrastructure and connectivity for stablecoin issuance and redemption.
Jack Forestell, Visa's Chief Product and Strategy Officer, said stablecoins are creating a new form of programmable money, but many institutions face operational challenges in adopting the technology. He said the new platform provides a secure environment where clients can manage stablecoin operations while leveraging Visa's existing payments network.
VSP integrates stablecoin capabilities with Visa's payment, treasury, settlement, risk and fraud management services, allowing institutions to incorporate digital assets into existing payment flows and treasury operations. The platform also includes security features such as dual-approval workflows, audit logging, secure passkeys and transfer allow lists.
Visa said the platform is interoperable with its existing stablecoin offerings, including stablecoin settlement, stablecoin-linked cards and stablecoin-based money movement services, enabling institutions to build a broader range of digital payment products.
The Visa Stablecoin Platform, including its Wallet-as-a-Service functionality, is initially available in beta for a select group of clients. Visa said feedback from the pilot program will help shape a broader commercial rollout in the future.
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