- Major payments firms Stripe, Visa, and Mastercard are backing a new stablecoin platform, signaling deeper integration of digital assets into mainstream commerce.
- Coinbase is also considering joining the initiative, which could further bridge crypto and traditional payments.
- The move reflects a broader industry shift toward regulated stablecoin infrastructure for faster, cheaper cross-border transactions.
Payments Giants Embrace Stablecoins
Stripe, Visa, and Mastercard are throwing their weight behind a new stablecoin platform, according to people familiar with the matter. The initiative aims to create interoperable infrastructure that enables merchants and consumers to seamlessly use stablecoins for everyday payments, with automatic fiat conversion at the point of sale. Coinbase, the largest US crypto exchange, is also weighing participation, though no final decision has been made.
The platform is expected to leverage existing card networks and payment rails, allowing stablecoins to be spent at millions of merchants worldwide. This would mark a significant step toward normalizing digital currencies for real-world transactions, reducing settlement times and costs compared to traditional banking.
For Stripe, which has been expanding its crypto-related services, the move aligns with its push into programmable payments. Visa and Mastercard have both been experimenting with stablecoin-enabled card programs, partnering with fintechs like Circle and BVNK. The new platform could consolidate these efforts under a unified standard.
Coinbase, which already offers a USDC-based payment solution, sees an opportunity to expand its reach in commerce. “Stablecoins are becoming the killer app for crypto,” a Coinbase spokesperson said, declining to comment on specific plans.
The involvement of these industry titans signals growing confidence in regulated stablecoins, even as policymakers scrutinize the sector. The platform is expected to operate under rigorous compliance frameworks, addressing concerns around reserve backing, anti-money laundering, and consumer protection.
A representative for Mastercard confirmed the company is “exploring ways to bridge digital and fiat currencies” but declined to comment on the specific platform. Stripe and Visa did not respond to requests for comment.
Correction: An earlier version of this article misstated the number of participating companies. It has been updated to reflect that Coinbase is still mulling backing.