The news: Visa launched an enterprise stablecoin platform that helps fintechs, financial institutions, and crypto natives facilitate stablecoin transactions, per a press release.

Visa Stablecoin Platform will let participants mint, burn, manage, and transfer OpenUSD. VSP will also provide ready-made crypto wallet infrastructure so users can make stablecoin transactions simpler after linking a bank account.

Visa said it will also facilitate other stablecoins.

How we got here: OpenUSD launched last month with backing from major players like Visa, Mastercard, Stripe, Klarna, Affirm, and U.S. Bank to solve the issue of stablecoin acceptance amid a proliferation of stablecoins from payments players. 

Implications for payment providers: For incumbent providers like The Clearing House and Early Warning Services that are also exploring token-backed payment solutions, a major competitive threat has emerged.

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