SS #105 - Stripe, Visa, Mastercard Eye Joint Stablecoin Platform

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Stripe, Visa, and Mastercard are closing in on a joint stablecoin platform as the three largest payments networks converge on shared settlement infrastructure, a move that looks less like product innovation and more like a coordinated land grab ahead of GENIUS Act enforcement and Coinbase's USDC revenue-sharing renewal in August.

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In Today's Edition:

• Headline: Stripe, Visa, Mastercard Eye Joint Stablecoin Platform

• Quick Bites: Mastercard Expands Stablecoin Settlement Options

• Yield of the Week: WOUSD/OUSD LP's 42.5% APY

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HEADLINE

State of play: Stripe, Visa, and Mastercard are close to launching a joint stablecoin platform, with Coinbase also exploring participation, as the major payments networks converge on shared settlement infrastructure amid a $325B stablecoin market.

• Stripe acquired Bridge for $1.1B in 2024, Mastercard acquired BVNK earlier this year, and Visa expanded its stablecoin settlement pilot to nine blockchains in April.

• Coinbase has been building parallel stablecoin infrastructure, including a white-label stablecoin service and Coinbase Business for stablecoin payments announced late last year.

• Coinbase's revenue-sharing agreement with Circle on USDC, under which it keeps 100% of interest on exchange-held USDC and splits 50/50 on off-platform circulation, comes up for renewal in August.

What’s Next: The platform's debut will test whether three competing payments giants can operate shared rails without cannibalizing their own infrastructure bets, with Coinbase's participation likely hinging on its USDC revenue-sharing renewal in August.

Why it Matters: A joint platform among the three largest payments networks could squeeze out independent issuers and relegate USDT and USDC to secondary rails.

Our Take: The timing is not accidental. With the GENIUS Act advancing and Coinbase's Circle deal up for renewal, this is less a product launch and more a land grab.

QUICK BITES

• Revolut’s US bank to offer stablecoin services.

• Bybit joins Western Union’s new USDPT network.

• Apyx's STRC collateralized stablecoin suffers a brief depeg.

• Visa, Brale test privacy-enabled SBC stablecoin settlement on Canton.

• House of Lords committee urges UK regulators to ease stablecoin rules.

• Chainalysis says 'top' gray market peptide vendors turn to BTC and stablecoins.

• Mastercard expands stablecoin settlement options with USDC, PYUSD & RLUSD.

YIELD OF THE WEEK

WOUSD/OUSD LP: 42.5% APY

• The pool accepts WOUSD deposits, a wrapped non-rebasing vault token backed by Origin's OUSD stablecoin, maturing December 17, 2026, with ~$1.02M in pool liquidity and 3.70 daily PENDLE rewards.

• Capital is split across WOUSD SY (~$867k, 84.93%) and PT WOUSD (~$153k, 15.07%), earning a blended yield from underlying OUSD strategies, PENDLE incentives, and LP fees.

• Yield is generated from Origin's underlying stablecoin strategies accruing through exchange rate appreciation, with LP APY composed of 35.95% OUSD yield, 6.43% PENDLE rewards, and 0.12% LP fees.

PT reUSDe: 16.06% APY

• The market accepts reUSDe deposits and provides fixed-yield exposure to re.xyz's insurance-backed stablecoin, maturing June 25, 2026, while also earning 5x Sats and 40x Re points for KYC-verified users.

• Capital is deployed into re.xyz's insurance underwriting platform via Pendle Router, with 1 reUSDe converting to 1.36706 USDe at maturity.

• Yield is generated from underwriting low-volatility personal and commercial insurance lines on re.xyz, with the PT locking in a fixed 16.06% APY while YT holders capture remaining variable yield and points.

Gauntlet USDT Prime: 7.03% APY

• The vault accepts USDT deposits and allocates capital across highly liquid, large-cap collateral markets on Morpho, with ~$3.77M in total deposits and full liquidity available for withdrawal.

• Capital is primarily deployed into wstETH/USDT (~$2.45M at 92.97% utilization) and WBTC/USDT (~$1.17M at 92.96% utilization), with a smaller allocation to cbBTC/USDT at 93.34% utilization.

• Yield is generated from lending demand across blue-chip collateralized markets, with individual market APYs tightly clustered around 7.03-7.04%, at 0% performance fee.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.