Visa, Mastercard, and Stripe are reportedly collaborating to launch a shared stablecoin platform for global transactions. Cryptocurrency exchange Coinbase is also considering participating in the initiative.
The partnership follows Visa expanding its settlement pilot to nine blockchains. Mastercard recently acquired a stablecoin infrastructure provider to enhance its digital currency capabilities.
News of the collaboration pressured payment processing stocks like Visa. Markets reacted to the potential disruption of traditional card network fees. The involved companies have declined to comment.