Stripe, Visa and Mastercard are close to introducing a new stablecoin platform, according to three people familiar with the plans, as major payment networks race to capture share in one of crypto's hottest segments. U.S.-listed cryptocurrency exchange Coinbase (COIN) is also exploring participation in the platform, one person said.

Market Context

Stablecoins have become a battleground for the world's largest payment networks, which see the technology as a way to modernize cross-border settlements and capture new fee streams. The total stablecoin market cap stands at approximately $325 billion, according to CoinGecko data, with Tether's USDT dominating at $115 billion in market capitalization.

The push comes as stablecoins increasingly move beyond crypto-native use cases into mainstream payments infrastructure. Visa has already expanded its stablecoin settlement pilot to nine blockchains, while Mastercard recently acquired stablecoin firm BVNK and announced plans to expand always-on stablecoin settlement capabilities.

Analysis

The involvement of all three major payment networks in a single platform signals a potential inflection point for institutional stablecoin adoption. Stripe's acquisition of Bridge in late 2024 for $1.1 billion already telegraphed the company's ambitions, while Visa and Mastercard have been methodically building out their crypto payment infrastructure through acquisitions and pilot programs.

For Coinbase, exploring participation in another stablecoin platform adds complexity to its existing relationship with Circle Internet (CRCL), issuer of the second-largest stablecoin USDC at $76 billion market cap. The company's current revenue-sharing agreement with Circle—where Coinbase keeps 100% of interest income from exchange-held USDC but splits revenue 50/50 for off-platform and DeFi circulation—comes up for renewal in August, potentially creating strategic tensions.

The timing matters because payment giants are seeking to capture the settlement layer that sits between traditional finance and digital assets. If successful, such a platform could process trillions in annual stablecoin volume while extracting fees at multiple points in the transaction chain.

Key Numbers

- $325 billion: Total stablecoin market cap (CoinGecko)

- $115 billion: Tether's USDT market capitalization

- $76 billion: USDC market capitalization

- $1.1 billion: Price Stripe paid for Bridge in late 2024

- 9: Number of blockchains now supported by Visa's stablecoin settlement pilot (added Base, Polygon, Canton Network, Arc, Tempo to existing support for Ethereum, Solana, Avalanche, Stellar)

What to Watch

The August renewal deadline for the Coinbase-Circle revenue-sharing agreement will be a key catalyst to watch. Any shift in that arrangement could signal how major players intend to position themselves as the new platform emerges. Additionally, monitor whether the stablecoin platform targets retail payments, cross-border settlements, or institutional DeFi applications first—each use case would attract different competitors and regulatory scrutiny.

Regulatory clarity remains a wildcard. The SEC's evolving stance on stablecoins and potential legislation could accelerate or delay the platform's launch timeline.