Reports indicate that Visa, Mastercard, and Stripe are advancing a joint stablecoin initiative, with the potential product pegged to the U.S. dollar. According to knowledgeable sources, Coinbase is also evaluating whether to participate in the platform, as competition in the stablecoin space continues to expand into mainstream payment networks.
Coinbase or evaluate joining
The report, citing informed sources, stated that the stablecoin will be jointly developed by three payment and financial companies with the aim of entering the crypto market. Coinbase is also said to be exploring the possibility of participation, but no further details have been disclosed regarding the product structure, launch timeline, or division of responsibilities.
According to CoinGecko data, the total market capitalization of stablecoins is currently around $325 billion, with Tether’s USDT accounting for approximately $115 billion and maintaining its dominant position. If new projects are launched, major payment institutions will enter this market directly.
Payment companies are accelerating their expansion.
The report notes that an increasing number of traditional payment companies, financial institutions, and banks are advancing stablecoin projects. As the use of digital assets in payments and transfers grows, stablecoins are being viewed by more large institutions as tools that can integrate with existing settlement networks.
This year, Western Union and SoFi Technologies have announced plans related to stablecoins. Major financial institutions such as JPMorgan Chase, Bank of America, and UBS are also reported to be advancing their own initiatives in this area.
The three companies have previously laid the groundwork.
In late 2024, Stripe acquired the stablecoin infrastructure company Bridge for $1.1 billion. Mastercard acquired BVNK earlier this year and announced this week its plan to expand its stablecoin settlement capabilities for 24/7 operations.
In April, Visa announced an expansion of its stablecoin settlement pilot, increasing the number of supported blockchain networks to nine. In addition to the original networks—Ethereum, Solana, Avalanche, and Stellar—it has now added Base, Polygon, Canton Network, Arc, and Tempo.
From their current actions, these three companies are not new to stablecoins; rather, they are building on their respective infrastructure to move toward joint products. If Coinbase ultimately joins, the project’s connectivity for transaction entry and merchant settlement could further strengthen.