Visa Tests Digital Dollar Payouts Using Stablecoins and BVNK

What Is Visa Testing With BVNK?

Visa has chosen UK-based stablecoin infrastructure provider BVNK to support new Visa Direct pilots that allow some business customers to pre-fund cross-border payouts in stablecoins and deliver digital US dollars directly to recipients’ wallets. The pilots are live in select markets and focus on enterprise use cases where speed, availability, and settlement certainty matter.

The partnership builds on Visa’s earlier work with stablecoins, including onchain settlement tests using USDC on networks such as ETH and Solana. Rather than consumer cards, the current pilots sit closer to treasury and payout operations, where companies need to move money outside bank cut-off times and across borders without relying on multi-day correspondent banking chains.

Visa executives described the work as part of a long-running effort to update money movement using rails that operate beyond traditional banking hours, calling stablecoins “an exciting opportunity for global payments.”

Investor Takeaway

Why Did Visa Pick BVNK?

Visa’s work with BVNK follows a strategic investment made in May 2025 through Visa Ventures, signaling a longer-term relationship rather than a one-off trial. Citi Ventures also took a stake in BVNK in October 2025, reflecting growing interest from large financial institutions in stablecoin-focused infrastructure rather than consumer-facing crypto apps.

BVNK said that the Visa initiative was awarded through a competitive tender, adding that the company was selected because it proved “best in class” among rival providers. The spokesperson said Visa and BVNK share a view that stablecoins can cut friction and extend access to quicker payment options, especially in markets where legacy rails remain sluggish or fragmented.

The pilots currently involve a limited group of Visa Direct enterprise clients in high-demand corridors. According to BVNK, future expansion will depend on regulatory approval and customer demand, with plans covering additional currencies, stablecoins, and payout routes.

How Does This Fit Into Visa’s Stablecoin Strategy?

Visa has been experimenting with stablecoins for several years, largely behind the scenes. Earlier projects focused on settlement between institutions using USDC, exploring how blockchains could shorten settlement cycles and operate continuously. The BVNK pilots move that concept closer to end delivery, where funds reach recipients’ wallets rather than stopping at institutional balance sheets.

This approach reflects a wider change across . Card schemes are no longer treating stablecoins as a crypto-native curiosity but as programmable cash that can sit alongside existing treasury systems. By allowing businesses to pre-fund payouts in stablecoins, Visa is testing whether tokenized dollars can act as working capital for cross-border disbursements.

The strategy also positions Visa alongside other legacy players such as SWIFT, MoneyGram, and Western Union, all of which have been testing or rolling out stablecoin-linked services to protect their role in .

Investor Takeaway

What About BVNK’s Past and Market Position?

The Visa partnership puts BVNK back in focus later than a high-profile moment in late 2024, when the company and Coinbase mutually agreed not to proceed with a proposed $2 billion acquisition following due diligence. At the time, BVNK was viewed as a way for Coinbase to expand stablecoin-related revenue as banks and payment firms stepped up their own efforts.

Since then, BVNK has continued to build enterprise-focused stablecoin tools rather than pivoting toward retail. The company has positioned itself as an infrastructure layer that handles compliance, wallet restrictions, and settlement logic, allowing large clients to interact with stablecoins without taking on full operational complexity.

That positioning appears to have resonated with large financial backers. With both Visa Ventures and Citi Ventures invested, BVNK sits at the intersection of traditional finance and blockchain-based payments, a segment drawing increasing attention as stablecoin usage grows.

Why Are Stablecoins Gaining Ground in Payments?

Stablecoins have become one of the largest segments in crypto, with global market capitalization around $280 billion by late 2025, according to the European Central Bank’s Financial Stability Review. Analysis from the International Monetary Fund puts annual in the $3 trillion to $4 trillion range, driven largely by trading and cross-border payments.

A joint report from Artemis and Dune showed that active stablecoin wallets grew by more than 50% between February 2024 and February 2025, pointing to broader usage beyond speculative trading. For payment firms, that growth represents both opportunity and risk: stablecoins can lower friction, but also sit under increasing regulatory scrutiny.

How Does Regulation Shape the Rollout?

Visa and BVNK’s pilots land in a shifting regulatory environment. In Europe, authorities continue to flag potential spillover risks to banks from large-scale stablecoin use, even as they acknowledge . In the U.S., lawmakers are still debating market-structure rules, including the CLARITY Act and proposals covering stablecoin rewards.

BVNK said that stablecoin payouts through Visa Direct are restricted to compliant wallets and counterparties and are designed to align with existing and emerging frameworks, including the and relevant UK and U.S. rules.