Global payments networks Stripe, Visa and Mastercard are close to introducing a new stablecoin platform, according to three people familiar with the plans.
US-listed cryptocurrency exchange Coinbase (COIN) is also exploring the possibility of joining the stablecoin platform, one of the people said.
Coinbase, Stripe and Visa declined to comment. Mastercard had not responded to requests for comment by the time of publication.
Stablecoins, one of the busiest areas in crypto, have become a focal point for the major card networks and payment players. The total stablecoin market cap is around $325 billion, according to CoinGecko data. The market is dominated by Tethers USDT at $115 billion.
Stripe acquired stablecoin infrastructure company Bridge in late 2024 for $1.1 billion. Mastercard, which bought stablecoin firm BVNK earlier this year, said this week that it plans to expand the always-on stablecoin settlement.
In April, Visa announced it was expanding a stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc, and Tempo to existing support for Ethereum, Solana, Avalanche, and Stellar.
Late last year, Coinbase announced a white-label stablecoin service as well as the Coinbase Business service for stablecoin payments.
Since August 2023, Coinbase and Circle Internet (CRCL), the issuer of the second largest stablecoin, have had a revenue sharing agreement, which is due for renewal in August this year. The token, USDC, has a market cap of $76 billion.
Under the agreement, Coinbase retains 100% of the interest income generated from USDC held on the exchange, while revenue is split 50/50 for USDC circulating across all off-platform and decentralized finance (DeFi) ecosystems.
