Global payment company Visa launched the Visa Stablecoin Platform (VSP) on the 16th (local time), designed to enable financial institutions, fintechs, and payment service providers to issue, redeem, custody, and transfer stablecoins within a unified environment. The platform aims to integrate stablecoin functionality into existing payment and financial systems, addressing operational challenges institutions face when adopting programmable money. Visa stated the platform will initially support OUSD (Open USD), a stablecoin developed by Open Standard, with beta testing planned for select customers before broader service expansion.
VSP Platform Features and OUSD Support
VSP provides enterprise-grade functionality for stablecoin operations within a single environment provided by Visa. Institutions using the platform can issue (mint) and burn OUSD, as well as hold and transfer the stablecoin across their operations. The platform adopted OUSD, developed by Open Standard, as its first supported asset.
The platform includes Wallet-as-a-Service functionality, allowing institutions to create and manage on-chain wallets. Institutions can utilize these wallets for treasury operations, payments, and liquidity management.
Integration with Existing Visa Systems
Visa stated VSP is designed to integrate with the existing Visa network. Customers currently using Visa settlement, financial, and currency solutions can add stablecoin functionality to their current operational environments. The platform connects stablecoin capabilities with institutions' existing payment and financial systems.
Beta Testing and Service Expansion Plan
Visa will conduct beta testing of VSP with select customers. Following the operational results from the beta phase, Visa will review whether to expand the service.
Visa Executive on Operational Challenges
Jack Forestell, Visa's Chief Product and Strategy Officer (CPSO), stated: "Stablecoins present new possibilities for programmable money, but from an institutional perspective, actual operations are a critical challenge. VSP is designed to handle stablecoin issuance, movement, and management within a single platform."
FAQ
What did Visa launch on the 16th?
Visa launched the Visa Stablecoin Platform (VSP) on the 16th (local time), an enterprise platform enabling financial institutions, fintechs, and payment service providers to issue, redeem, custody, and transfer stablecoins within a unified environment.
Which stablecoin does VSP support?
VSP adopted OUSD (Open USD), developed by Open Standard, as its first supported asset. Institutions can issue (mint), burn, hold, and transfer OUSD through the platform.
How does VSP integrate with existing Visa systems?
VSP is designed to integrate with the existing Visa network. Customers using Visa settlement, financial, and currency solutions can add stablecoin functionality to their current operational environments.
