Visa is launching a platform to help banks and fintech companies handle stablecoins more easily, Fortune reported on Wednesday.
Visa will launch the platform alongside the OpenStandard (OUSD) stablecoin involving more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase, Fortune said. It did not disclose a launch date.
OUSD is set for release in the second half of this year and is designed to share most proceeds from holding reserves. Companies can issue and redeem OUSD without fees or volume limits.
Rubail Birwadker (루베일 비르와드커), Visa's head of global growth, told Fortune, "The key is not access to stablecoins themselves, but how they interoperate with corporate treasury payments, fund movement workflows and existing banking systems."
Visa already supports Circle's USDC and Paxos' USDG.
Jack Forestell (잭 포레스텔), Visa's chief product and strategy officer, said, "If AI is changing the front end of commerce, stablecoins are reshaping the back end." He added, "Visa's role is to make this work safely and reliably, at global scale, for every participant in the ecosystem."
Chi-gyu Hwang
delight@d-today.co.kr