Global payment technology company Visa has unveiled an integrated stablecoin platform aimed at financial institutions, fintech companies, and virtual asset firms, expanding its presence in the digital asset payment market.
On July 20, Visa announced the launch of its new enterprise platform, the Visa Stablecoin Platform (VSP).
VSP supports financial institutions, fintech companies, and virtual asset firms in issuing, storing, remitting, and redeeming stablecoins within a managed environment provided by Visa.
The platform's first supported stablecoin is OpenUSD, recently launched by Open Standard. Clients will be able to utilize features for issuing, burning, remitting, and managing OpenUSD, along with an on-chain wallet infrastructure provided through a service-based wallet.
Visa designed VSP to integrate stablecoins with its existing network. As a result, financial institutions can enhance their current operations, including settlement, cash management, and foreign exchange solutions, by incorporating stablecoin functionalities.
Jack Forestell, Visa's Global Head of Product and Strategy, stated, "Stablecoins open up new possibilities as programmable money, but many institutions face challenges in actual operations. VSP will enable clients to manage the issuance, remittance, and administration of stablecoins in a single environment, based on the security and control features they expect from Visa."
* This article has been translated by AI.
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