Stripe, Visa and Mastercard are close to launching a joint stablecoin platform: Report

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 with knowledge of the plan.

The companies have spent the past two years building out their stablecoin capabilities. Stripe acquired Bridge, a stablecoin infrastructure provider, in a $1.1 billion deal. Mastercard purchased BVNK and expanded its on-chain settlement services. Visa increased stablecoin settlement support across multiple blockchains. Coinbase introduced white-label stablecoin products and payment solutions aimed at businesses.

A key consideration for Coinbase is its 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 important backdrop to any future stablecoin platform participation.