ARK Invest executive: Visa’s support for OpenUSD is closer to a letter of intent than a strategic bet

PANews July 29, ARK Invest’s crypto research director Lorenzo Valente posted on X that, when asked during Visa’s earnings call whether OpenUSD would compete with stablecoin players such as Circle and Tether, Visa responded that it will maintain a multi-currency, multi-chain strategy in the future. Its role is not to pick winners, but to help customers securely and at large scale connect to the stablecoin ecosystem, regardless of which stablecoin, network, or infrastructure ultimately gains adoption. Valente believes that the commitments from OpenUSD partners are closer to a letter of intent than to a strategic bet; there is a fundamental difference between supporting OpenUSD and putting in substantial resources, channels, or an asset-liability statement to help it win.