Visa moved its token-issuing tooling to the bank back office this time.

The newly launched VSP allows banks and Fintechs to mint, burn, hold, and transfer stablecoins within the same system, and it also includes wallets, bank account connectivity, dual-approval, and audit logs. The first rollout starts with Open USD, and for now it’s only open for testing with select customers.
The market used to think stablecoins would bypass Visa, but Visa’s choice is: then I’ll be your infrastructure.
In the future, no matter whether money moves via bank cards or on-chain, as long as institutions still need compliance, risk control, and global settlement, Visa wants to stay in the middle and keep collecting fees. When the news was announced, $Circle briefly fell by about 5%; the market clearly already smelled the competition.
It’s likely not Visa that stablecoins will eat—it’s those banks that react slower than Visa.
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