Coinbase Weighs Entry into Stripe-Visa-Mastercard Stablecoin Platform

Coinbase is reportedly considering participation in a new stablecoin platform launched by Stripe, Visa, and Mastercard. This comes as Circle's shares dropped 4% at market open, while Coinbase Global's stock was down 1.4%. The revenue-sharing agreement between the two companies, which has been in place since 2023, is up for renewal in August.

According to CoinDesk, Coinbase is evaluating whether or not to join the new platform, which would give it leverage heading into renewal talks with Circle. If Coinbase joins, it would gain a parallel stablecoin infrastructure.

The revenue-sharing agreement between Coinbase and Circle has been a significant contributor to Circle's revenue, driving $2.64 billion of its 2025 revenue through Reserve income, also known as earnings generated on assets backing its stablecoin (USDC).