Credit card giants Visa (NYSE: $V) and Mastercard (NYSE: $MA) are reportedly close to introducing a new stablecoin platform.
Media reports say that global payment network Stripe and U.S. cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) also plan to participate in the stablecoin platform
Stablecoins are cryptocurrencies whose value is pegged to another asset, usually the U.S. dollar. More From Cryptoprowl: The digital assets are attracting growing attention from credit card networks as they offer a fast and secure means of settling international transactions. The total stablecoin market is currently valued at $325 billion U.S. and the market is dominated by Tether’s USDT stablecoin.
Mastercard, which acquired stablecoin firm BVNK earlier this year, said recently that it plans to expand its stablecoin settlement network. Visa has expanded its a stablecoin settlement network to nine different blockchains, including Ethereum (CRYPTO: $ETH) and Solana (CRYPTO: $SOL). Exactly how the new stablecoin platform will work and the role of the participating companies is not yet known publicly.