Visa has moved its stablecoin push beyond settlement pilots with the launch of Visa Stablecoin Platform, or VSP, now in limited testing. Announced on July 16, 2026, the platform is designed for commercial banks, fintechs and treasury teams, offering lifecycle management for stablecoins including minting, redemption, custody support and transfers. Visa positions the product as enterprise infrastructure rather than a simple settlement rail. The initial release supports two operating models: Wallet-as-a-Service for institutions that want Visa-provided key management technology, and Bring Your Own Wallet for firms already using external custodians such as Fireblocks, BitGo or Fystack. In beta, VSP natively supports only Open USD, or OUSD, and only on Ethereum, Solana and Tempo. The platform also ties into Visa Direct for cross-border payout conversion and is being linked with Pismo to support tokenized deposits alongside third-party stablecoins. The report argues that VSP’s launch matters not only because of its product design, but because of the economics around OUSD. The token is described as part of an Open Standard consortium backed by Visa, Mastercard, Stripe, BlackRock, Coinbase and more than 140 financial and technology companies. Its reserve income-sharing structure, according to the article, could pressure the legacy float-based model used by incumbent stablecoin issuers. The piece also highlights VSP’s relevance to agentic commerce, while noting several current constraints: restricted onboarding, limited asset and chain support, incomplete API availability and undisclosed pricing.

Visa reported $11.6 billion in revenue for the third quarter of fiscal 2025, up 14% from a year earlier, with the company attributing the increase to double-digit growth in payments volume, cross-border volume and processed transactions. Cross-border volume rose 13% year over year, or 12% excluding intra-Europe transactions, while processed transactions increased 10%. On its earnings call, Visa said it is investing across multiple layers of the stablecoin stack, including blockchain, issuance, wallets, infrastructure, orchestration and applications. The company said it made progress during the quarter at the issuance and application layers. Visa also disclosed that it has joined the OpenStandard consortium, which plans to launch the OpenUSD stablecoin for global money movement. The company said its stablecoin platform is designed to let partners settle with Visa in stablecoins, offer onchain wallet-as-a-service infrastructure and move funds between fiat and stablecoins, starting with OpenUSD. Visa added that the platform will integrate with Pismo to support tokenized deposits for financial institutions and may later connect with third-party tokenized deposit infrastructure providers. The company also said stablecoins and AI are complementary technologies.