Payments giants Stripe, Visa and Mastercard are joining forces to launch a stablecoin platform. Circle, leader with USDC, sees its action collapse by 11%! A revolution is underway… Who will dominate the $319 billion market?
In brief
- Stripe, Visa and Mastercard want to launch a stablecoin platform to compete with Circle and Tether.
- Circle loses 11% on the stock market, its agreement with Coinbase ($2.64 billion in revenue) in danger.
- $319 billion at stake, the stablecoin war will soon redefine payments.
Stripe, Visa and Mastercard unite for stablecoin platform
Payments giants Stripe, Visa and Mastercard announced a joint stablecoin platform, a direct threat to Circle (USDC) and Tether (USDT), which control 80% of the $319 billion market. The move comes as stablecoins increasingly integrate into traditional payment infrastructures, with players like Visa already reaching $7 billion in annual volume through its stablecoin settlement programs.
For Circle, the news is a hard blow. Indeed, its stock fell 11% in one session, from $100.85 to $90.13, while its key agreement with Coinbase (which brought it $2.64 billion in 2025) is up for renewal in August 2026. Investors fear that Coinbase, which is currently evaluating its participation in the competing platform, will leave Circle to join Stripe, Visa and Mastercard. Such a decision would upset the market balance. Which could drastically reduce Circle's revenues, which are very dependent on its partnerships.
Circle and Tether: the end of an era for the pioneers of stablecoins?
Circle (USDC) and Tether (USDT) have long dominated the stablecoin market, but their hegemony is under threat. Indeed, with the arrival of Stripe, Visa and Mastercard, the pioneers of the sector could lose their advantage. Circle, already weakened by the fall in its shares and dependence on Coinbase, sees its economic model called into question.
Tether, while less exposed to partnerships with exchanges, is not immune. Increased competition and the integration of stablecoins into traditional payment systems could reduce demand for USDT, especially if new players offer more stable and regulated solutions. Is an era ending for stablecoin pioneers?
The stablecoin war is on. Stripe, Visa and Mastercard against Circle and Tether (USDT). Who will win? One thing is certain, the $319 billion market will never be the same. And you, which stablecoin will you choose?
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