Stripe, Visa, and Mastercard have been reported to be close to launching a joint stablecoin platform, with Coinbase also weighing participation.
According to CoinDesk, the three global payment networks are preparing to introduce the platform. A spokesperson for Coinbase, Stripe, and Visa declined to comment, while Mastercard had not responded to requests for comment at the time of publication.
A converging focus on stablecoins
The reported platform emerges against a backdrop of accelerating institutional commitment to stablecoins across the payments industry. The total stablecoin market capitalisation stands at approximately USD 325 billion, according to CoinGecko data, with Tether's USDT accounting for USD 115 billion of that figure. Circle Internet's USDC, the second-largest stablecoin by market cap, stands at USD 76 billion.
Each of the three reported backers has already made significant moves in the stablecoin space independently. Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for USD 1.1 billion. Mastercard acquired stablecoin firm BVNK earlier in 2026 and announced the same week as the reported platform plans that it intends to expand always-on stablecoin settlement capabilities. In April 2026, Visa announced an expansion of its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc, and Tempo to existing support for Ethereum, Solana, Avalanche, and Stellar.
Coinbase's potential involvement carries additional weight given its existing stablecoin infrastructure. Late in 2025, the exchange launched a white-label stablecoin service alongside the Coinbase Business service for stablecoin payments. The company also holds a revenue-sharing agreement with Circle Internet, issuer of USDC, under which Coinbase retains 100% of interest income generated from USDC held on its platform and splits revenue 50/50 for USDC circulating off-platform and across decentralised finance ecosystems. That agreement, in place since August 2023, is due for renewal in August 2026.
In addition, the convergence of card networks and crypto infrastructure around a shared stablecoin platform would represent a structural shift in how cross-border and digital payments could be settled, moving beyond individual partnerships or acquisitions toward a jointly operated layer. The full scope, governance model, and timeline of the platform have not been disclosed.
