Visa’s CEO Ryan McInerney made waves by emphasizing the company's impartial approach toward the emerging stablecoin Open USD, which aims to challenge established giants like Tether’s USDT and Circle’s USDC. Despite Open USD’s backing by over 140 global companies, Visa insists it won’t pick a single frontrunner in the stablecoin race.

Multi-Chain and Multi-Coin Strategy

During Visa's fiscal third-quarter earnings call on July 28, McInerney reiterated that Visa’s strategy focuses on supporting multiple stablecoins across different blockchain networks rather than committing exclusively to Open USD or any other token. He described Visa’s role as facilitating secure connections between clients and whichever stablecoins or infrastructure gain traction. This approach aligns with Visa’s existing technical framework, which embraces a "multi-coin and multi-chain foundation" to remain adaptable in the rapidly evolving digital payments arena.

Backing Open USD Without Exclusivity

The Open Standard consortium behind Open USD includes heavyweights like Mastercard, Stripe, Coinbase, BlackRock, BNY Mellon, and Google. Visa’s membership in this group signals interest, but McInerney’s remarks suggest their support is more collaborative than a strategic exclusive bet. According to ARK Invest analyst Lorenzo Valente, Visa’s involvement may resemble a soft letter of intent rather than a binding commitment. Neither Visa nor Open Standard has disclosed details about capital contributions or distribution responsibilities, leaving the depth of Visa’s backing open to interpretation.

Open USD plans to launch later this year, offering businesses the ability to mint and redeem tokens without fees or volume restrictions. Most of the revenue generated from reserves will flow back to participants distributing the token, marking a shift from traditional issuer-led stablecoin models. Visa’s open stance allows it to continue supporting stablecoins like USDC and USDT through its payment and settlement products, rather than aligning itself solely with Open USD.

This material is informational and should not be taken as financial advice.