Mastercard, Visa, Stripe back new stablecoin platform

Mastercard is significantly expanding its payment settlement capabilities to include regulated stablecoins and support for a wider array of blockchain networks, aiming to facilitate faster and cheaper cross-border transactions outside of traditional banking hours. The company announced plans to integrate fiat currency, regulated stablecoins such as Circle's USDC, PayPal's PYUSD, Paxos-issued USDG and USDP, Ripple's RLUSD, and SoFi's SoFiUSD into its settlement network. These digital assets will be used alongside existing fiat processes across supported blockchains including Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo, and the XRP Ledger.

This move is part of a broader trend where major payment firms like Visa, Stripe, and potentially Coinbase are deepening their involvement in stablecoin infrastructure. Stripe's acquisition of Bridge for $1.1 billion and Visa's expansion of stablecoin settlement support highlight this strategic shift. Coinbase is currently evaluating its participation, with its revenue-sharing agreement with Circle for USDC nearing renewal in August being a key consideration. The initiative reflects a growing demand for settlement systems that can operate 24/7, including on weekends and holidays, crucial for cross-border payments, treasury movements, and merchant payouts.

Mastercard's integration with the XRP Ledger is set to support always-on settlements and time-sensitive intraday payment flows, leveraging the ledger's near-instant finality and low fees. Similarly, the inclusion of Polygon allows for stablecoin settlement beyond standard banking hours. Mastercard stated that more regions, partners, and regulated stablecoins are expected to be added through 2026, subject to regulatory approval. The company emphasized that these expanded capabilities are designed to work within its existing global payments network while maintaining fraud safeguards and security standards.