Visa has launched an enterprise stablecoin platform that allows banks, fintech companies and payment providers to manage digital dollars through a single system. Summary Visa launches an enterprise stablecoin platform with Open USD as its first supported digital asset. Banks and fintechs can mint, store, transfer and redeem stablecoins through one Visa-managed operating system. Open USD’s shared revenue model adds pressure on Circle as competition for institutional stablecoin flows grows. The Visa Stablecoin Platform, or VSP, will initially support Open USD, the stablecoin introduced by Open Standard in June. The platform gives institutions access to tools for minting, redeeming, storing and transferring Open USD. Visa has also added Wallet-as-a-Service infrastructure, blockchain connectivity and its existing risk and security systems. The company said clients can use the service alongside its traditional payments network rather than replacing their current infrastructure. Visa Chief Product and Strategy Officer Jack Forestell said “the hard part isn’t the concept, it’s the operational reality” when institutions adopt stablecoins. He said VSP gives clients one place to manage stablecoin operations while using controls and network infrastructure already provided by Visa. Open USD adds another challenge to Circle’s USDC model The launch gives Open USD a direct route into Visa’s institutional customer base. The token uses a different economic structure from established stablecoins such as Circle’s USDC. Open Standard plans to offer fee-free minting and redemption while sharing most reserve income with participating partners after operating costs. More than 140 companies backed the Open USD initiative when it was announced on June 30. The group includes Visa, Mastercard, BlackRock, Coinbase and several other companies across finance, technology and crypto. Visa had already reported a stablecoin settlement run rate of about $7 billion as of March 2026. The new platform arrives as investors continue to assess how Open USD could affect Circle’s business. As crypto.news reported, Circle shares fell after Open USD was announced, as markets reacted to a model that could return more reserve income to companies distributing the stablecoin. Pressure increased this week when Mizuho downgraded Circle and cut its price target from $85 to $50. As previously reported by crypto.news, the bank said Open USD could put more pressure on Circle’s margins by changing how stablecoin reserve income flows to distribution partners. However, Open USD still needs to build the liquidity, regulatory reach and market adoption that USDC has developed over several years. Visa’s launch moves Open USD from a consortium-backed stablecoin proposal toward institutional payment infrastructure. Banks and fintechs using VSP can access Open USD through Visa-managed tools while connecting stablecoin operations with existing payment products. For Circle, the competition is now expanding beyond stablecoin issuance. Open USD has gained distribution partners, while Visa is building the systems institutions can use to manage the token directly. The next test will be whether financial companies adopt those tools at enough scale to challenge USDC’s established position in regulated digital-dollar payments.
