Circle Internet Group (CRCL) shares declined on June 3 following a CoinDesk report. Payment giants Stripe, Visa, and Mastercard are reportedly nearing the launch of a new stablecoin platform.
Cryptocurrency exchange Coinbase is also considering participation in the venture. This platform would directly compete with Circle’s USD Coin (USDC).
USDC currently ranks as the second-largest stablecoin by market capitalization. Coinbase and Circle maintain a revenue-sharing agreement for the token that expires in August 2026.