Visa Launches Stablecoin Platform with Open USD Support, Backed by 140 Companies Including Mastercard and BlackRock

Visa launched the Visa Stablecoin Platform (VSP) on July 17, enabling banks, fintechs, and payment providers to mint, store, transfer, and redeem stablecoins through Visa-managed infrastructure. Open USD serves as the platform's headline asset, with more than 140 companies—including Mastercard, BlackRock, and Coinbase—backing the initiative when it launched on June 30.

Open USD offers fee-free minting and redemption with a revenue-sharing model that distributes most reserve income to distribution partners after operating costs. The competitive threat to Circle's USDC prompted Mizuho to downgrade Circle and cut its price target from $85 to $50, citing margin pressure from Open USD's alternative economic structure.