Stablecoin Market and Key Players

Industry reports indicate that major payment processors Stripe, Visa, and Mastercard are poised to launch a new stablecoin platform, according to three sources familiar with the initiative.

U.S.-listed cryptocurrency exchange Coinbase is also evaluating participation in the stablecoin platform, according to a source.

Coinbase, Stripe, and Visa have declined to comment, while Mastercard has yet to respond to inquiries as of the publication deadline.

Stablecoins have emerged as a major area of focus for payment networks. The overall market capitalization stands at roughly $325 billion, with Tether’s USDT holding the largest share at $115 billion.

Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for $1.1 billion. Mastercard, which acquired stablecoin firm BVNK earlier this year, announced this week its plans to expand always‑on stablecoin settlement capabilities.

In April, Visa expanded its stablecoin settlement pilot to include nine blockchains — Base, Polygon, Canton Network, Arc, Tempo — adding to its existing support for Ethereum, Solana, Avalanche, and Stellar.

Since August 2023, Coinbase and Circle Internet (CRCL), the issuer of the second‑largest stablecoin, have operated under a revenue‑sharing agreement that renews in August this year. USDC, the stablecoin in question, currently has a market cap of $76 billion.

Under the agreement, Coinbase retains 100 % of the interest income generated from USDC held on its platform, while revenue from USDC circulating outside the platform is split 50/50 between Coinbase and the broader decentralized finance (DeFi) ecosystem.

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