Visa Seeks New Stablecoin Settlement Partner After Mastercard Buys BVNK

The competitive logic here is straightforward: card networks are racing to own stablecoin settlement rails, and losing BVNK to a rival pushed Visa to rebuild that capability rather than cede the ground. What matters is that licensed exchange partners, not the networks themselves, are becoming the scarce asset in this stack — and that Visa is looking across four jurisdictions suggests it wants redundancy, not a single dependency. Whether that licensing footprint translates into actual settlement volume, rather than announced intent, is the open question.