Stripe, Visa and Mastercard are close to launching a new stablecoin platform, with Coinbase also considering participation, according to people familiar with the matter. The reported initiative would deepen a broader push by large payments companies into stablecoins, digital tokens typically designed to maintain a fixed value. The stablecoin market is about $325 billion and remains dominated by Tether’s USDT at roughly $115 billion. The move follows Stripe’s $1.1 billion purchase of Bridge in late 2024, Mastercard’s acquisition of BVNK and its expansion this week of 24/7 stablecoin settlement, and Visa’s April decision to extend its stablecoin settlement pilot to nine blockchains. If launched, the collaboration could further embed stablecoins in mainstream payment rails and digital transaction infrastructure.