Payment giants Visa, Mastercard, and Stripe are close to launching a new platform for stablecoins, CoinDesk reports from three sources familiar with the companies' plans. One insider mentioned that crypto exchange Coinbase is also considering participation.

The details of the platform are still under wraps, and the companies have declined to comment. However, it's known that their interest in stablecoins has been growing for several years now.

At the end of 2024, Stripe acquired the stablecoin infrastructure developer Bridge for $1.1 billion, while Mastercard this year purchased BVNK, through which Visa is already processing transactions in stablecoins. In April, Visa and Stripe also joined as validators on the Tempo blockchain, focused on payments in stablecoins.

Stablecoins are one of the hottest sectors in the crypto space. Their total market cap is around $320 billion, with over 90% of the market dominated by dollar-pegged tokens. USDT from Tether leads the pack with a cap of $187 billion, followed by USDC from the Coinbase consortium and stablecoin issuer Circle with a cap of $76 billion.

In August 2023, Coinbase and Circle struck a profit-sharing agreement regarding USDC, under which Coinbase retains 100% of the interest income from USDC held on the exchange, while revenue from USDC circulating across all ecosystems outside the exchange and in decentralized finance (DeFi) is split equally. The agreement is set to expire in August this year.

While various financial and payment-related companies are confidently building infrastructure for stablecoins, traditional banks in the USA, fearing customer flight to crypto, are pushing to limit the functionality of stable tokens. The banking lobby is trying to block the crucial Clarity Act regulatory bill for the crypto market in Congress, even resorting to opinion polls.

The American Bankers Association conducted a survey and reported that respondents agreed that yields on stablecoins should not be allowed if they pose a threat to lending in the USA and the operations of local banks. According to CoinDesk, 2,000 residents of the USA participated in the survey. The publication reviewed the results and stated that 'the questions in the survey were framed in such a way that it implied that stablecoins could pose risks to banking and lending.'

The White House supports the crypto industry and urged congress members to pass the Clarity Act by Independence Day in the USA, July 4th.

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