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Visa, Mastercard, Stripe Said to Test a New Stablecoin Platform Aimed at Rivaling USDC
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 7, 8:10 PM EDT

Visa, Mastercard, Stripe Said to Test a New Stablecoin Platform Aimed at Rivaling USDC

A new report says major payments players are collaborating on stablecoin infrastructure that could compete with Circle Internet Group’s USD Coin (USDC). Visa’s own stablecoin settlement pilots underscore how quickly traditional networks are trying to move money on-chain.

By The Apex Times Newsroom2 min readAI-assisted Apex article

Visa is among several large financial companies said to be testing a new stablecoin platform designed to compete directly with Circle Internet Group’s USDC, according to a Yahoo Finance report published June 5, 2026.

The report describes a collaboration that includes Visa, Mastercard, Stripe and other large firms, framed as an effort that could challenge Circle’s position at the center of dollar-linked crypto payments through USDC. It also notes that Coinbase, previously a key partner to Circle, could be involved in how future integrations and revenue arrangements are structured.

For context, USDC is a “stablecoin,” a token meant to hold a steady value, typically pegged to the U.S. dollar. Circle’s USDC has been positioned as the regulated digital dollar used across crypto exchanges, trading platforms, and crypto wallets, and the report’s competitive premise is that larger intermediaries want more direct control over the rails used for stablecoin settlement.

Visa has been moving in that direction through product and pilot work that connects stablecoins to its existing payments network. Visa describes its “Visa Stablecoin Platform (VSP)” as enabling stablecoin minting, burning and transactions, and it has also discussed integrating stablecoins into settlement operations so partners can fulfill VisaNet settlement obligations using stablecoins such as USDC.

In 2025, Visa expanded stablecoin settlement support through its investor relations updates, adding support for additional USD-backed stablecoins, more blockchain networks, and the euro-backed EURC as part of its settlement platform work. Separately, Visa’s public materials describe a “Visa Tokenized Asset Platform (VTAP)” that is intended to help financial institutions issue and manage fiat-backed tokens, currently in a sandbox testing phase.

Mastercard has similarly invested in USDC-related settlement partnerships. In past announcements, Mastercard has described working with Circle to test using USDC to support card issuers settling payments to Mastercard, reinforcing that both networks have been experimenting with how stablecoins can plug into real-world payment flows.

Still, key details of the reported stablecoin platform remain unclear. The Yahoo Finance report does not provide specifics on whether the initiative would involve a new issuer, a new token distinct from USDC, or the exact timeline for broader rollout. It also leaves open what role, if any, Coinbase would play, and whether the effort is limited to tests rather than a commercial product.

What to watch next is whether the collaboration shifts from testing into signed partnerships, product launches, or regulatory disclosures. Any move that clarifies token design, issuance control, and the settlement endpoints (who can use the platform for card and network obligations) would indicate whether Visa and peers are targeting a direct substitution of USDC or a parallel stablecoin layer that sits alongside it.

Why It Matters

  • If large payment networks can standardize on a stablecoin rail they control, that could pressure Circle’s position as the default dollar token for some payment and settlement workflows.
  • Stablecoin settlement is becoming less about crypto-native experimentation and more about integration into regulated treasury and network settlement systems, which could reshape where stablecoin fees and infrastructure revenue flow.
  • The involvement of multiple incumbents suggests a move toward shared or interoperable infrastructure, but it also raises the prospect of faster token fragmentation if different platforms support different assets.
  • Investors and partners will likely focus on implementation specifics, including token issuance, compliance, and which networks and institutions get access first.

Sources

Key Facts

  • Yahoo Finance reported on June 5, 2026 that Visa, Mastercard, Stripe and other large firms are collaborating on a stablecoin platform meant to compete with Circle Internet Group’s USDC.
  • The Yahoo report says Circle’s USDC is central to dollar-linked crypto payments and that Coinbase may be involved in structuring future integrations and revenue arrangements.
  • USDC is described in the report as a widely used dollar-linked stablecoin used across exchanges, trading platforms, and crypto wallets.
  • Visa markets stablecoin infrastructure through its Visa Stablecoin Platform (VSP), and it has described integrating stablecoins into settlement operations for Visa partners.
  • Visa has expanded stablecoin settlement support, including additional USD-backed stablecoins and support for more blockchains, according to its investor relations materials.
  • Mastercard has previously described USDC settlement pilots with Circle for merchants and card issuers.

Finance Related

Visa, Mastercard, Stripe Said to Test a New Stablecoin Platform Aimed at Rivaling USDC | The Apex Times