Stablecoin Infrastructure Race Heats Up as Companies Vie for Dominance

The stablecoin infrastructure race is heating up as companies compete to design and deliver software and financial rails connecting blockchain-based money with traditional finance. Stablecoins are no longer limited to crypto exchanges, but are being used by banks, fintechs, card networks, and multinationals for various purposes.

According to recent data, stablecoins surpassed ACH in monthly volume for the first time, processing $7.2 trillion compared to $6.8 trillion. This has created a new class of competitors, including Stripe, Circle, Mastercard, Visa, and Fireblocks.

Stripe is building an end-to-end stack around Bridge and Privy, while Circle is expanding its infrastructure around USDC. Mastercard and Visa are also bringing stablecoins into traditional payments through their acquisition of BVNK and development of a stablecoin platform respectively.