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.
- Stripe is powering Deel's new USD-denominated stablecoin, DLUSD.
- Japan's three largest banking groups plan to jointly issue stablecoins by March 2027.
- Paybis saw stablecoin transaction volume reach 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.
The financial industry is rapidly expanding the use of stablecoins for payments and settlements, with significant backing from major companies and banking groups. Mastercard is enhancing its settlement network to accommodate regulated stablecoins and multiple blockchain networks, specifically mentioning Ripple's RLUSD and the XRP Ledger. This move positions Mastercard to facilitate broader digital asset transactions. Visa is also actively involved, testing private stablecoin settlements on the Canton Network in collaboration with Brale. This pilot explores the application of privacy-enabled blockchain technology for institutional payments, aiming to determine if stablecoins can enable efficient on-chain settlement without disclosing sensitive transaction details. Furthermore, Visa, alongside Stripe and Coinbase, is contributing to the development of stablecoin infrastructure designed for 24/7 cross-border settlements.
Stripe's crypto infrastructure is being leveraged by other companies, including the global payroll platform Deel, which has launched its own USD-denominated stablecoin, DLUSD. This stablecoin allows contractors to manage funds directly within the Deel ecosystem, including earning rewards. The increasing adoption of stablecoins 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 significant portion of this activity, accounting for 97.8%. Paybis recorded $2.81 billion in stablecoin volume in May 2026, marking a 135% year-over-year growth, propelled by sectors such as Digital Goods, Technology, Retail, and Fintech.
In Japan, a significant development is underway as the country's three largest banking groups—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—plan to jointly issue stablecoins by March 2027. This collaborative effort is supported by the Financial Services Agency and aims to modernize payment systems through blockchain technology. Meanwhile, Mastercard CEO Michael Miebach has noted a broad trend of consumer spending growth across all income brackets, suggesting a widespread economic resilience or recovery, which could further fuel transaction volumes across payment networks, including those incorporating stablecoins.