Key facts
- Mastercard is expanding its settlement network to include regulated stablecoins and multiple blockchain networks.
- Visa is testing private stablecoin settlement on the Canton Network with Brale.
- Visa, Stripe, and Coinbase are developing stablecoin infrastructure for 24/7 cross-border settlements.
- Deel has launched a USD-denominated stablecoin, DLUSD, using Stripe's crypto infrastructure.
- Japan's three largest banks plan to jointly issue stablecoins by March 2027.
- The Japanese stablecoin initiative is supported by the Financial Services Agency.
- Stablecoin transaction volume on Paybis reached 86% of total crypto volume in April 2026.
- Paybis recorded $2.81 billion in stablecoin volume in May 2026.
- Business transactions accounted for 97.8% of stablecoin volume on Paybis.
- Mastercard CEO Michael Miebach reported broad consumer spending growth across all income bands.
Financial institutions and companies are increasingly adopting stablecoins for payment and settlement systems. Mastercard is expanding its settlement network to incorporate regulated stablecoins and support multiple blockchain networks, including Ripple's RLUSD and the XRP Ledger. This move positions Mastercard to facilitate transactions across various digital asset ecosystems.
Visa is actively exploring stablecoin applications, including testing private stablecoin settlements on the Canton Network in collaboration with Brale. This pilot aims to evaluate the efficacy of privacy-enabled blockchain technology for institutional payments, specifically assessing if stablecoins can enable efficient on-chain settlement without disclosing sensitive transaction details. Visa, alongside Stripe and Coinbase, is also contributing to the development of stablecoin infrastructure designed for continuous, 24/7 cross-border settlements.
Further demonstrating the growing utility of stablecoins, global payroll platform Deel has launched its own USD-denominated stablecoin, DLUSD. This stablecoin is powered by Stripe's crypto infrastructure and enables contractors to manage funds within the Deel ecosystem, including earning rewards and spending directly. In Japan, a significant move towards stablecoin adoption is underway, with the country's three largest banking groups—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—planning to jointly issue stablecoins by March 2027. This initiative has the backing of the Financial Services Agency and seeks to modernize payment systems through blockchain technology.
The broader impact of stablecoin adoption is evident in transaction volumes. On the Paybis platform, stablecoin transaction volume surged to 86% of total crypto volume in April 2026, a substantial increase from 12% in July 2023. Business transactions constitute a dominant 97.8% of this volume. Paybis recorded $2.81 billion in stablecoin volume in May 2026, marking a 135% year-over-year growth, with key sectors driving this expansion including Digital Goods, Technology, Retail, and Fintech. Meanwhile, Mastercard CEO Michael Miebach noted that consumer spending growth is broad-based across all income levels, suggesting a general economic resilience or recovery.