Visa Stablecoin Platform entered beta testing on Thursday, giving select clients a new way to mint, move and manage stablecoins in a Visa-run environment.
Visa said the platform is built for financial institutions, fintechs and crypto-native firms. It aims to provide stablecoin access through one managed setup. The company said users can access, store and redeem stablecoins, starting with Open USD, which Open Standard recently introduced.
The launch also adds onchain wallet tools through a new Wallet-as-a-Service offer. In addition, the platform supports minting and burning for Open USD.
Visa Stablecoin Platform Features
Visa said the service combines stablecoin functions with its network, risk and fraud tools. It also supports onchain wallet use for treasury, settlement and product needs. Moreover, the platform connects with Visa’s current network, tools and settlement processes.
The company said the service includes dual-control approval workflows and full audit logs. It also offers Wallet-as-a-Service features such as secure passkeys and allow lists.
Jack Forestell, Chief Product and Strategy Officer at Visa, said stablecoins are creating a new layer of programmable money. However, he said many institutions face challenges in day-to-day operations rather than in understanding the concept. He added that the platform gives clients one place to handle stablecoin operations with the controls, security and network reach they expect from Visa.
Beta Rollout Starts With Open USD
Visa said the Visa Stablecoin Platform works with its current stablecoin products. These include stablecoin settlement, stablecoin-linked cards and stablecoin money movement. As a result, the company said the platform offers a full set of tools for institutions moving onchain.
The platform, including Wallet-as-a-Service, is now available in beta for select clients. Visa said it will use feedback from early use cases to guide a wider market rollout.
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Source: LeapRate
