Visa Launches Stablecoin Platform Giving 200 Million Merchants Access to OUSD

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Visa has introduced a new platform that lets banks and fintechs mint, move, and manage stablecoins directly through its existing network, with the Open USD (OUSD) stablecoin as the initial offering. The platform connects stablecoin infrastructure to Visa's merchant base of over 200 million businesses globally. The move positions Visa as a direct competitor to Circle, which issues USDC and has built similar rails for institutional stablecoin use.

Why it matters

Visa plugging stablecoins into 200 million merchant endpoints is the kind of distribution that crypto-native projects cannot replicate on their own. This puts pressure on Circle's USDC dominance in the enterprise segment, and it signals that traditional payment networks see stablecoin settlement as a near-term commercial reality rather than a future experiment. Investors holding V shares get exposure to a new fee-generating layer; USDC-adjacent positions face a credible new competitor.

Watch next

July 2025: Visa Q3 earnings call, where management is expected to discuss stablecoin platform adoption metrics. Ongoing: U.S. stablecoin legislation progress in the Senate, which sets the regulatory rules this platform must operate under.

4 sources

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