Visa Becomes First Card Network to Settle Regulated Stablecoins Under MAS Framework

Visa announced this week that it has become the first card network to support stablecoin settlement under the regulatory framework of the Monetary Authority of Singapore (MAS). According to the company, the service will allow licensed payment institutions to settle merchant transactions using stablecoins such as USDC through Visa's clearing network, with initial partners including locally licensed payment service providers (PSPs) in Singapore.

This move marks the first time a traditional card network has entered a central bank-regulated stablecoin settlement channel. Since 2023, MAS has implemented a stablecoin regulatory framework requiring issuers to meet conditions related to reserve assets, redemption rights, and capital adequacy ratios.

Visa stated that the service will initially target corporate clients, with plans to gradually expand to consumer scenarios. Analysts noted that card networks integrating stablecoin settlement could provide faster clearing and settlement paths for cross-border payments, though compliance review remains a critical component.