That’s according to a report Tuesday (Aug. 18) from CoinDesk, which says that this partner would replace BVNK, the stablecoin company Mastercard acquired earlier this month.
The report cites a request for product (RFP) from Visa that was viewed by CoinDesk. It discusses the ability to swap and support a variety of stablecoins, while also handling settlement for the newly introduced Open USD stablecoin project, led by Stripe, Visa and Mastercard, which aims to support a range of stablecoins.
Visa said the need for a stablecoin partner licensed in all major markets means the number of potential partners has dwindled. The company says it is considering one settlement, and an over-the-counter (OTC) partner in particular, licensed in the U.S., U.K., Canada and Singapore.
As CoinDesk notes, the stablecoin race has not been hindered by a downturn in the larger cryptocurrency market. That’s made stablecoins a key focus for major card networks and payments companies. The report cites data for CoinGecko showing that stablecoins now have a total market cap of roughly $300 billion.
Mastercard first announced the planned $1.8 billion purchase of BVNK in March and finalized the deal at the start of this month.
The acquisition is designed to help Mastercard provide more choice in “how people and businesses exchange value by enabling interoperability across fiat and digital currencies,” as the company said at the time.
In other stablecoin news, recent PYMNTS Intelligence research shows that while consumers are demonstrating a growing interest in using cryptocurrencies and stablecoins for purchases, acceptance, trust and uneven payment experiences continue to limit their choices.
The report also argued there is a practical way forward, as linked cards, instant conversion and modern issuer-processing systems can join digital assets with the payment tools consumers and merchants are using already.
“Familiar apps could provide the front door,” the report added. “According to the report, 77% of consumers said they would open a crypto or stablecoin wallet through an existing banking or FinTech app.”
This figure indicates banks and FinTechs won’t have to convince customers to enter an unfamiliar financial world, as they embed digital asset capabilities into relationships that consumers already trust.
“For providers, the opportunity lies in making access feel like an extension of mobile banking rather than a separate crypto exercise,” PYMNTS wrote.
