Exclusive: Visa launches new platform to provide stablecoin services to more than 200 million merchants - Fortune
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- Visa launched a new platform to provide stablecoin services to more than 200 million merchants, expanding its existing crypto strategy into an enterprise-grade product.
- CRCL and COIN stocks dropped after the announcement disclosed that Visa is backing "Open USD," a stablecoin positioned as a rival to market leader USDC.
Why it matters: By anchoring its 200M-merchant platform to Open USD rather than USDC, Visa signaled it won't default to the incumbent stablecoin — and Circle (CRCL) and Coinbase (COIN) shares dropped on that competitive signal, showing the market reads Visa's stablecoin pick as a winner-take-most variable.
