Stripe, Visa and Mastercard jointly launch stablecoin platform

Three of the biggest names in the global payments industry are on the verge of jointly launching a stablecoin platform. According to three insiders, Stripe, Visa and Mastercard are close to introducing the new initiative. Crypto exchange Coinbase is also exploring whether to join the platform, reports CoinDesk.

Major players join forces around stablecoins

The move is striking because it involves three dominant players in the traditional payments sector simultaneously. All three companies are already actively working to secure a position in the stablecoin market. Stripe previously acquired stablecoin infrastructure company Bridge for as much as $1.1 billion, Mastercard took over BVNK, and Visa is expanding its stablecoin settlement pilot to nine blockchains.

Coinbase, Stripe and Visa declined to comment on the reports, and Mastercard has not yet responded. That Coinbase might participate is noteworthy, especially since the company itself is also heavily involved in stablecoin-related collaborations. For instance, Coinbase recently announced a partnership with Ethena, during which ENA is purchased on the open market.

Stablecoin market grows to $325 billion

The timing of the platform is no coincidence. According to data from CoinGecko, the total market capitalisation of the stablecoin market now stands at approximately $325 billion. Demand for stable digital payment methods is increasing worldwide, and traditional financial institutions do not want to be left out.

The interest from parties such as Visa, Mastercard and Stripe indicates that stablecoins are increasingly seen as serious infrastructure for payments, and no longer as a niche. Coinbase founder Brian Armstrong is also increasingly showing himself outside the pure crypto world, as evidenced by his recent $435 million fundraising round for a longevity startup. Developments at Coinbase are thus following each other in rapid succession.