Visa is rolling out the Visa Stablecoin Platform, an internal system letting banks and fintechs handle stablecoins within their existing Visa payment and treasury workflows.

The platform will launch with OUSD (Open Standard USD), the new stablecoin backed by 140+ companies including Visa, Stripe, Mastercard, BlackRock, and Coinbase, widely seen as a potential rival to Circle's USDC. Businesses will be able to mint and redeem OUSD without fees or volume limits.

Visa already supports Circle's USDC and Paxos' USDG, and the new platform will serve as an umbrella for all of Visa's stablecoin services going forward.

Mastercard has also introduced stablecoin settlement for card transactions, starting with six regulated dollar-backed assets, and both Mastercard and American Express have joined the Open Standard consortium behind OUSD.