Visa backs Open USD with new stablecoin platform as Circle faces fresh competition
Visa launched a stablecoin platform that lets banks and fintechs issue, manage and settle digital dollars through its payments network.
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Summary
- Visa introduced the Visa Stablecoin Platform on Thursday, giving financial institutions tools to issue, store and transfer Open USD stablecoins.
- The platform combines wallet infrastructure, stablecoin issuance and Visa’s payment network to simplify blockchain-based payments and settlement.
- Circle shares fell about 5% as competition in the stablecoin market intensified following Visa’s support for Open Standard’s Open USD.
