Stripe, Visa and Mastercard are close to rolling out a new stablecoin platform, according to people familiar with the plan, in a move that pushes major payment companies deeper into tokenized settlement and crypto-linked transaction infrastructure. One person familiar with the matter also said Coinbase is exploring possible participation. Coinbase, Stripe and Visa declined to comment, while Mastercard had not responded by the time of publication.
Stablecoins are being treated as a settlement layer
The planned platform comes as stablecoins move beyond their earlier role as trading instruments inside crypto markets. Tokens pegged to fiat currencies such as the U.S. dollar are increasingly being viewed as practical tools for settlement. For card networks and payment firms, the case is straightforward: faster settlement, 24/7 fund transfers, and cross-border payment rails that do not depend on banking hours.
According to CoinGecko data, the stablecoin sector now has a total market capitalization of about $325 billion. USDT, issued by Tether, remains the largest token in the category with a market cap of roughly $115 billion. At that scale, stablecoins are no longer easy for large payment companies to ignore. They already support heavy crypto trading volumes, remittances, access to dollars in emerging markets, and settlement across digital asset platforms.
Acquisitions and pilots show where the market is heading
Recent deals from major payment firms point in the same direction. Stripe acquired Bridge for $1.1 billion in late 2024, showing a willingness to buy stablecoin infrastructure instead of building every layer internally. Mastercard’s acquisition of BVNK earlier this year gave it more direct exposure to stablecoin settlement and enterprise payment tools.
Visa has been expanding on the settlement side as well. In April, the company said it had extended its stablecoin settlement pilot to 9 blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to existing support for Ethereum, Solana, Avalanche and Stellar. The pattern is clear: stablecoins are being folded into payment operations rather than kept at the edge of the crypto market.
Why Coinbase’s role could matter
Coinbase already has meaningful exposure to stablecoin distribution, custody and payments. Its Coinbase Business product gives companies a way to use stablecoins for payments, while its white-label stablecoin service allows firms to launch branded stablecoin products without building the full stack themselves.
The exchange also has a major economic link to USDC, the second-largest stablecoin, which has a market capitalization of about $76 billion. Since August 2023, Coinbase and Circle have operated under a revenue-sharing agreement tied to USDC reserves, and that agreement is scheduled for renewal in August this year. Under the current terms, Coinbase keeps 100% of the interest income generated from USDC held on its own exchange and shares revenue from USDC circulating off-platform and in DeFi on a 50/50 basis with Circle.
If Coinbase joins a platform backed by large payment networks, the effect may go beyond transaction fees. Distribution of USDC, reserve-linked economics, merchant adoption and the token’s role in enterprise payment flows could all be affected.
What the platform could mean for banks, merchants and crypto firms
A stablecoin platform supported by major payment networks could alter how banks and merchants handle digital assets. Instead of treating stablecoins as a crypto product outside normal payment operations, large networks could present them as another settlement layer inside existing workflows. For merchants, the most immediate appeal is faster settlement in cross-border transactions. Traditional card payments and bank transfers often involve multiple intermediaries, cut-off times and foreign exchange costs. Stablecoin settlement can remove part of that friction.
Some barriers remain in place. Compliance, chargeback handling, liquidity management and accounting treatment are still major issues. Banks could face pressure if corporate clients start using stablecoins for international payments or treasury flows, but they may also find openings in custody, compliance, fiat conversion and reserve management. For crypto-native firms, the message is competitive: stablecoin infrastructure is moving toward larger regulated payment companies with established merchant relationships and compliance teams.