Visa, Mastercard, and Stripe prepare a joint stablecoin payment platform

Payment giants Visa, Mastercard, and Stripe are in the final stages of preparing a new joint stablecoin platform, CoinDesk reports, citing three people familiar with the plans. Coinbase is also considering participating in the project, which could become a key infrastructure for digital payments.

Converging stablecoin strategies

The joint initiative marks a convergence of the previously separate stablecoin strategies of the three payment networks. According to CoinGecko data cited by CoinDesk, the total market capitalization of stablecoins is currently around $325 billion.

The idea for a common platform comes against the backdrop of intensifying competition between traditional card schemes and the crypto industry for a dominant place in the future architecture of digital payments.

Stripe: from the purchase of "Bridge" to global stablecoin cards

In late 2024, Stripe acquired the company Bridge – a stablecoin infrastructure provider – for $1.1 billion. Visa cards linked to stablecoins through the Bridge platform are already operating in 18 countries, with plans to expand to over 100 markets by the end of the year.

Currently, Stripe accepts stablecoin payments from customers in more than 70 countries with a fixed fee of 1.5%, making the company one of the most active intermediaries between traditional finance and the crypto ecosystem.

Mastercard: acquiring "BVNK" for $1.8 billion

Earlier this year, Mastercard reached an agreement to acquire London-based company BVNK – a stablecoin payment infrastructure provider – for a sum of up to $1.8 billion, including $300 million contingent on performance results.

The deal, which Mastercard presented this week as a tool to expand 24/7 stablecoin payments, is expected to be finalized by the end of 2026. This will allow the company to integrate stablecoin payments into its existing global network.

Visa: accelerated expansion in blockchain payments

Visa is actively expanding its infrastructure for working with stablecoins. In late April, the company announced the addition of five new blockchains to its stablecoin payment pilot project – Base, Polygon, Canton Network, Arc, and Tempo – in addition to the already supported Ethereum, Solana, Avalanche, and Stellar.

The annual volume of stablecoin payments within the pilot program has reached $7 billion, which is 50% more than the previous quarter. This shows that interest in such solutions is growing rapidly from both merchants and fintech companies.

Coinbase and USDC: the key question of the token

Coinbase, Stripe, and Visa declined to comment officially on the new platform, and Mastercard had not responded to requests for comment by the time of publication, notes CoinDesk.

The platform's development comes as Coinbase and Circle Internet – issuer of the stablecoin USDC with a market capitalization of around $76 billion – approach the August renewal of their revenue-sharing agreement. For now, it remains unclear whether the new platform will issue its own token or rely on existing stablecoins like USDC.

What comes next for the joint platform

Details about the new platform's architecture are not yet public. Key questions include: how it will integrate with existing stablecoin schemes, how roles will be distributed between Visa, Mastercard, Stripe, and possibly Coinbase, and whether it will be aimed primarily at corporate clients, merchants, or end users.

It is clear, however, that the initiative marks the beginning of a new phase in the competition between traditional payment networks and pure crypto players for control over future standards in digital payments. If the platform manages to combine the scale and trust of card giants with the flexibility of stablecoins, it could shift the balance of power in the global payment market.