Stripe, Visa and Mastercard Near Joint Stablecoin Platform Launch

Major payment networks are accelerating their push into digital dollar infrastructure. Stripe, Visa, and Mastercard are nearing the launch of a stablecoin platform, while Coinbase is evaluating whether to join the initiative, CoinDesk reported Wednesday, citing people familiar with the plan. The incumbents, it seems, have decided the stablecoin party is worth attending after all.

The companies have spent the past two years quietly building out their stablecoin capabilities. Stripe acquired Bridge, a stablecoin infrastructure provider, in a $1.1 billion deal. Mastercard picked up BVNK and expanded its on-chain settlement services. Visa increased stablecoin settlement support across multiple blockchains. Coinbase rolled out white-label stablecoin products and payment solutions aimed at businesses — because why let the card networks have all the fun.

A key wrinkle for Coinbase is its existing partnership with Circle, the issuer of $USDC. Since 2023, the companies have shared revenue generated by the stablecoin. Coinbase keeps all interest earned on $USDC held on its platform and splits ecosystem revenue with Circle. The agreement is set for renewal in August, making it an awkward backdrop to any future stablecoin platform participation — nothing like re-evaluating your partner while eyeing the exit door.