Card networks that once viewed crypto with caution now chase it. Visa and Mastercard, long the gatekeepers of global payments, are moving fast to integrate stablecoins into their core operations. Reports surfaced today that the two, together with Stripe, stand close to launching a new platform designed to handle stablecoin transactions at scale.
CoinDesk first detailed the effort. Three people familiar with the plans described a forthcoming product backed by the payment heavyweights. Coinbase has also explored joining. None of the companies offered public comment. Mastercard had not responded to inquiries by publication.
This marks a sharp turn. For years executives at both firms played down any near-term threat from digital dollars. Now they pour resources into pilots, acquisitions and direct settlement on blockchains. The stablecoin market sits above $325 billion. Tether’s USDT claims roughly $115 billion of that total. USDC, issued by Circle, holds about $76 billion.
But the real action lies in volume. Stablecoins already move more dollars in certain categories than traditional card rails in some cross-border flows. Banks and fintechs see faster, cheaper settlement. Visa and Mastercard see a chance to keep control of the merchant acceptance layer they spent decades building. Short term, they win. Longer term, the economics could shift.
From Settlement Pilots to Global Card Programs
Visa has logged tangible progress. Last December it launched USDC settlement inside the United States with Cross River Bank and Lead Bank using the Solana blockchain. Annualized volume reached $3.5 billion at that point. By early 2026 the company expanded support to more stablecoins including PYUSD and USDG, additional chains, and even euro-backed EURC. Partnerships with Paxos helped bring those assets on board.
Its work with Bridge, now a Stripe company after a $1.1 billion acquisition in late 2024, shows the strategy in action. In March Visa and Bridge broadened their tie-up. The goal: issue stablecoin-linked Visa cards in more than 100 countries across Europe, Asia-Pacific, Africa and the Middle East by year-end. Transactions settle onchain with Visa through Lead Bank. Zach Abrams, Bridge’s CEO and cofounder, highlighted the speed and flexibility this brings businesses and developers.
“Visa is committed to meeting businesses where they operate, and increasingly, that’s onchain,” a Visa statement noted in the announcement. The message lands clearly. The network wants to stay in the middle even when money moves as tokens.
Mastercard follows a similar script but with distinct moves. It acquired BVNK, a stablecoin infrastructure specialist, in a deal that could reach $1.8 billion. The purchase gives it licenses, liquidity connections and enterprise tools that complement its own pilots. Earlier partnerships with Circle opened USDC and EURC settlement for acquirers in the EEMEA region. Tests with SoFi Technologies explore SoFIUSD as a settlement option for cross-border remittances and B2B transfers.
The company also unveiled end-to-end infrastructure last year covering wallets to checkouts. Partnerships with MoonPay, OKX, Nuvei and others let users spend stablecoins at millions of merchants through familiar card rails. These steps do not replace the network. They extend it.
And the original Yahoo Finance report that hinted at collaboration between Visa and Mastercard on stablecoin efforts captured an early signal of this convergence. Both firms now appear aligned on the need for coordinated infrastructure that connects traditional finance with always-on blockchain rails. Yahoo Finance outlined the reported joint platform as a way to bring institutional-grade stablecoin capabilities to a broader set of participants.
Executives at both companies downplay disruption. They point to consumer protections, credit lines, chargebacks and global acceptance that pure stablecoin transfers still lack. A Wall Street Journal analysis last year framed the situation well: stablecoins’ quickest path to consumer wallets may run through today’s established players.
Yet the pressure builds. Some forecasts suggest adjusted stablecoin volumes could climb from $28 trillion in 2025 to hundreds of trillions by 2035 in optimistic scenarios. Cross-border use cases move especially fast. Remittances, treasury operations and developer payouts all benefit from near-instant finality and lower fees. Visa and Mastercard want a cut of that growth rather than watching it flow around them.
Stripe’s role adds weight. After buying Bridge, the payments giant gained direct experience with onchain infrastructure. Its involvement in the new platform could accelerate merchant adoption and developer tools. Coinbase’s potential participation would bring exchange liquidity and its own white-label stablecoin services announced late last year. The revenue-sharing deal between Coinbase and Circle on USDC runs through August 2026 and remains a key relationship.
Critics from the merchant side see a different story. Groups such as the Merchants Payments Coalition argue that Visa and Mastercard aim to fold stablecoins into their high-fee networks rather than allow true disintermediation. They worry innovation will stall if the card giants dictate terms. So far regulators have not stepped in to force open rails. That leaves the incumbents with the upper hand.
Technical details of the rumored platform remain scarce. Sources did not disclose the underlying blockchain, exact features or launch window. Industry observers expect focus on settlement between issuers, acquirers and merchants, conversion tools, compliance rails and perhaps programmable payments. Success will hinge on liquidity, regulatory clarity in multiple jurisdictions and merchant willingness to accept new flows.
Visa reported more than $7 billion in annualized stablecoin settlement volume in recent earnings. Mastercard has stayed quieter on exact figures but continues to expand pilots. Both CEOs highlighted crypto and stablecoins as growth areas during recent calls. The narrative has shifted from defense to offense.
Challenges remain. Volatility in crypto markets can still spook partners even if stablecoins hold their peg. Compliance costs for travel-rule adherence and anti-money-laundering checks add friction. And scaling blockchain settlement to handle peak card volumes without congestion poses engineering questions that teams continue to test.
Still, the direction looks set. Card networks that once warned about unbacked digital assets now issue cards backed by them, settle obligations in them and explore joint platforms to standardize their use. The old rails bend toward the new technology. How far they stretch before something gives will shape payments for the next decade.
Recent reporting from American Banker captured the acceleration. Both firms struck deals in early March to boost stablecoin distribution and settlement options. Those moves, combined with today’s platform news, suggest coordination that goes beyond individual pilots. The industry now watches to see whether this collaboration delivers open standards or simply tighter control.
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