Stripe, Visa, Mastercard, and Coinbase Plan to Jointly Issue a New Stablecoin
Taylor Wilson
Four payments and crypto giants are forming an alliance to issue a new stablecoin, taking direct aim at Circle and Tether's combined ~80% market share — a move that could reshape the stablecoin landscape.
What is this alliance planning?
According to The Information, Stripe, Visa, Mastercard and Coinbase are planning to jointly issue a new stablecoin.
The target: challenge Circle (issuer of USDC) and Tether (issuer of USDT), which together control roughly 80% of the stablecoin market.
The new token will comply with the GENIUS Act — a U.S. federal law passed last year that sets a regulatory framework specifically for stablecoins. All four companies declined to comment.
Why is Coinbase's involvement surprising?
Coinbase is USDC's largest distribution partner and takes a revenue share from Circle.
As of Q1, Coinbase and its users held ~$19 billion in USDC — over 25% of its total circulation.
This means → Coinbase is shifting from "USDC's biggest promoter" to "building a direct competitor." That is a major strategic pivot — from earning fees on someone else's coin to claiming a seat at the table itself.
What do the other three bring?
Stripe: its subsidiary Bridge already offers stablecoin issuance services, with partners including payroll firm Deel and buy-now-pay-later platform Klarna.
Visa and Mastercard: both are advancing stablecoin-enabled payment cards and cross-border settlement via stablecoins.
In plain terms = each of the four controls one piece of the chain — payment network, exchange, merchant access. Together they form a complete pipeline from issuance to spending — something neither Circle nor Tether can match alone.
What is the biggest uncertainty?
Competition in stablecoins is intensifying. Platforms are offering yield incentives to attract users, squeezing profit margins across the board.
Whether the new alliance can build a differentiated edge is the key variable that will determine success or failure.
This reflects a broader shift: stablecoins are evolving from a crypto-native tool into an infrastructure battleground for traditional finance giants — and if the landscape is redrawn, the impact will extend well beyond crypto to the entire cross-border payments system.
Content is for reference only, not financial advice.