Stripe, Visa, and Mastercard are reportedly gearing up to introduce a new stablecoin platform, according to three sources familiar with the initiative. This development highlights the growing priority of stablecoins for major payment networks.
Coinbase May Join the New Platform
Coinbase is also considering joining this new stablecoin platform. The stablecoin market, valued at around $325 billion, has drawn significant attention from these financial giants. Currently, Tether's USDT leads the market with a capitalization of $115 billion.
Recent Developments in the Stablecoin Sector
- Stripe's acquisition of Bridge for $1.1 billion in 2024 and Mastercard's recent purchase of BVNK demonstrate their commitment to enhancing stablecoin capabilities.
- Visa has expanded its stablecoin settlement pilot to support nine blockchains, adding new networks to its existing Ethereum, Solana, Avalanche, and Stellar support.
Last year, Coinbase launched a white-label stablecoin service alongside its Coinbase Business service to facilitate stablecoin transactions. Furthermore, Coinbase and Circle Internet have a revenue-sharing agreement that will be renewed this August, allowing Coinbase to retain all interest income from USDC held on its platform.
