Blab Crypto
Visa, Mastercard, Stripe, and Coinbase Reported to Form Stablecoin Consortium
A coalition of four payment and crypto giants is reportedly moving toward a new stablecoin platform that could reshape the $300 billion stable‑coin market. A Fortune article, citing anonymous industry sources, says Visa Inc., Mastercard Inc., Stripe, and Coinbase Global are in talks to launch a shared stable‑coin infrastructure.
The proposed partnership would bring together the world’s largest card networks, the leading online payments processor, and the biggest cryptocurrency exchange. The consortium’s stated aim is to accelerate the use of stablecoins in retail payments and to create a new revenue stream from reserve interest.
Today’s stable‑coin market is dominated by Tether’s USDT and Circle’s USD‑coin (USDC). USDC, issued through the CENTRE consortium of Circle and Coinbase, currently accounts for the bulk of regulated stable‑coin activity in North America and Europe. If the new consortium succeeds, it could nudge the millions of merchants that rely on Visa, Mastercard, and Stripe to adopt an in‑house token, potentially eroding the market share of existing stablecoins.
Coinbase’s current relationship with Circle is a key factor. The exchange benefits from a 2023 contract that lets it collect most of the interest generated by USDC reserves while Circle handles regulatory and operational responsibilities. The contract is not permanent, and Circle may seek more favorable terms in future negotiations. A consortium could offer Coinbase an alternative pathway to stable‑coin revenue.
Regulatory hurdles loom large. The United States and other jurisdictions have scrutinized large payment‑network collaborations for antitrust concerns. The consortium would need to demonstrate that it does not create a monopoly in the stable‑coin space, and it would likely face review from the Federal Trade Commission and other regulators.
Industry analysts point out that stable‑coin consortiums have historically struggled. Facebook’s Libra project and R3’s banking coalition both failed to gain traction. The current talks are at an early stage, with no formal agreements or memoranda of understanding reported.
Beyond the consortium, other developments are shaping the crypto landscape. Variant VC has raised $222 million for a fund focused on blockchain, AI, and autonomy. Andrew Yang’s mobile‑phone venture acquired Helium Mobile, a tokens‑for‑Wi‑Fi startup. JPMorgan Chase, Citigroup, and other banks plan a 24/7 tokenized deposit network for institutional clients in 2027.
The consortium’s progress will be closely watched by market participants. If it materializes, it could integrate stablecoins more deeply into everyday transactions and alter the competitive dynamics between Tether, USDC, and emerging stablecoins.
At present, the consortium remains a rumor. No formal announcement has been made, and the companies have not confirmed any agreements. The next few months will determine whether the partnership moves beyond discussion and into a concrete launch.
The proposed partnership would bring together the world’s largest card networks, the leading online payments processor, and the biggest cryptocurrency exchange. The consortium’s stated aim is to accelerate the use of stablecoins in retail payments and to create a new revenue stream from reserve interest.
Today’s stable‑coin market is dominated by Tether’s USDT and Circle’s USD‑coin (USDC). USDC, issued through the CENTRE consortium of Circle and Coinbase, currently accounts for the bulk of regulated stable‑coin activity in North America and Europe. If the new consortium succeeds, it could nudge the millions of merchants that rely on Visa, Mastercard, and Stripe to adopt an in‑house token, potentially eroding the market share of existing stablecoins.
Coinbase’s current relationship with Circle is a key factor. The exchange benefits from a 2023 contract that lets it collect most of the interest generated by USDC reserves while Circle handles regulatory and operational responsibilities. The contract is not permanent, and Circle may seek more favorable terms in future negotiations. A consortium could offer Coinbase an alternative pathway to stable‑coin revenue.
Regulatory hurdles loom large. The United States and other jurisdictions have scrutinized large payment‑network collaborations for antitrust concerns. The consortium would need to demonstrate that it does not create a monopoly in the stable‑coin space, and it would likely face review from the Federal Trade Commission and other regulators.
Industry analysts point out that stable‑coin consortiums have historically struggled. Facebook’s Libra project and R3’s banking coalition both failed to gain traction. The current talks are at an early stage, with no formal agreements or memoranda of understanding reported.
Beyond the consortium, other developments are shaping the crypto landscape. Variant VC has raised $222 million for a fund focused on blockchain, AI, and autonomy. Andrew Yang’s mobile‑phone venture acquired Helium Mobile, a tokens‑for‑Wi‑Fi startup. JPMorgan Chase, Citigroup, and other banks plan a 24/7 tokenized deposit network for institutional clients in 2027.
The consortium’s progress will be closely watched by market participants. If it materializes, it could integrate stablecoins more deeply into everyday transactions and alter the competitive dynamics between Tether, USDC, and emerging stablecoins.
At present, the consortium remains a rumor. No formal announcement has been made, and the companies have not confirmed any agreements. The next few months will determine whether the partnership moves beyond discussion and into a concrete launch.
