Stripe, Visa, and Mastercard are preparing to launch a new stablecoin platform, according to people familiar with the plans, marking a coordinated push by major payment networks into blockchain-based settlement infrastructure.
Coinbase is exploring participation in the initiative, though the extent of its involvement remains unclear. The three people familiar with the plans did not disclose a launch date or technical details of the platform.
The move reflects intensifying competition among payment giants to capture share of the $325 billion stablecoin market. Tether’s USDT dominates at $115 billion market cap, while Circle Internet’s USDC ranks second at $76 billion.
Stripe has already positioned itself in stablecoin infrastructure. The company acquired Bridge, a stablecoin infrastructure firm, for $1.1 billion in late 2024. Mastercard took a similar path earlier this year, acquiring BVNK, a stablecoin firm, and announcing plans to expand always-on stablecoin settlement capabilities.
Visa has moved faster on pilot deployment. In April 2026, the payment network expanded its stablecoin settlement pilot to nine blockchains: Base, Polygon, Canton Network, Arc, Tempo, Ethereum, Solana, Avalanche, and Stellar. The expansion signals Visa’s intent to embed stablecoin rails across multiple blockchain ecosystems rather than backing a single platform.
Coinbase’s potential involvement adds a layer of complexity. The U.S. cryptocurrency exchange announced a white-label stablecoin service and Coinbase Business service for stablecoin payments in late 2025. Coinbase and Circle Internet have maintained a revenue-sharing agreement on USDC since August 2023. Under the current deal, Coinbase retains 100% of interest income from USDC held on its exchange, while splitting 50/50 revenue from USDC circulating off-platform and in DeFi ecosystems. That agreement comes up for renewal in August 2026.
The timing of Coinbase’s potential participation in a rival stablecoin platform, alongside the August renewal date for its Circle agreement, suggests the exchange may be negotiating its strategic position across multiple stablecoin ecosystems. No statement from Coinbase or the payment networks has been released confirming the platform’s specifications, governance structure, or launch timeline.
Mastercard declined to comment on the initiative.
