Payment giants Stripe, Visa, Mastercard said to be among backers of soon-to-debut stablecoin platform
U.S. crypto exchange Coinbase is also said to be looking into the possibility of participating in the new stablecoin platform.
What to know:
- Stablecoins are a focal point for the large card networks, with Stripe acquiring Bridge in 2024 and Mastercard buying BVNK earlier this year.
- Late last year, Coinbase announced a white-label stablecoin service, as well as the Coinbase Business service for stablecoin payments.
Coinbase, Stripe and Visa declined to comment. Mastercard had not responded to requests for comment by publication time.
Stablecoins, one of the busiest areas of crypto, have become a focal point for the large card networks and payments players. The total stablecoin market cap is about $325 billion, according to CoinGecko data. The market is dominated by Tether’s USDT, at $115 billion.
Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for $1.1 billion. Mastercard, which acquired stablecoin firm BVNK earlier this year, said this week it plans to expand always-on stablecoin settlement.
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), issuer of the second largest stablecoin, have had a revenue-sharing agreement, which comes up for renewal in August this year. The token, USDC, has a market cap of $76 billion.
