Visa, Mastercard, and Stripe are reportedly moving forward with a joint stablecoin initiative, potentially pegged to the US dollar. Sources indicate that Coinbase is also evaluating its participation in the platform, further expanding the stablecoin competition into mainstream payment networks.

Coinbase or evaluation to join

The report, citing sources familiar with the matter, stated that the stablecoin will be jointly developed by three payment and financial companies, with the goal of entering the crypto market. Coinbase is also reportedly exploring the possibility of participation, but no further details regarding the product structure, launch date, or division of responsibilities have been disclosed.

According to CoinGecko data, the current total market capitalization of stablecoins is approximately $325 billion, with Tether's USDT holding a dominant position at around $115 billion. If new projects are launched, mainstream payment institutions will directly enter this market.

Payment companies are accelerating their expansion.

The report mentions that an increasing number of traditional payment companies, financial institutions, and banks are advancing stablecoin projects. As the use of digital assets in payments and transfers increases, stablecoins are being viewed by more large institutions as a tool to access existing settlement networks.

This year, Western Union and SoFi Technologies have announced plans related to stablecoins. Large financial institutions such as JPMorgan Chase, Bank of America, and UBS have also been mentioned as pursuing similar initiatives.

The three companies had already paved the way.

Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion at the end of 2024. Mastercard acquired BVNK earlier this year and said this week that it plans to expand its stablecoin 24/7 settlement capabilities.

In April of this year, Visa announced the expansion of its stablecoin settlement pilot program, increasing the number of supported blockchain networks to nine. In addition to the existing Ethereum, Solana, Avalanche, and Stellar, Base, Polygon, Canton Network, Arc, and Tempo were added.

Based on their current actions, these three companies are not venturing into stablecoins for the first time; rather, they are moving towards a joint product after completing their respective infrastructure development. If Coinbase ultimately joins, the project's connectivity in transaction gateways and merchant settlements may be further enhanced.