Visa Unveils Corporate Stablecoin Platform VSP

Visa has unveiled its "Visa Stablecoin Platform (VSP)" on the 20th. VSP aims to support the issuance, remittance, and settlement of stablecoins, with the goal of facilitating the on-chain transition of regulated finance. VSP has adopted the open standard "Open USD" as its first supported stablecoin and provides on-chain wallet infrastructure along with wallet-as-a-service functionality. Designed to integrate stablecoin capabilities into existing payment and fund management processes, VSP allows clients to incorporate it within their current workflows. Security features include dual approval, audit logs, passkeys, and transfer allowlists. Institutions adopting VSP can onboard into Visa's managed wallet system or connect existing wallets to handle stablecoin issuance, burning, and remittance. Currently, VSP is in beta testing for some features, and Visa plans to expand the platform based on client use cases and testing results.

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