Stripe’s volume underscores the scale of its ambition. The company reported roughly $400 billion in stablecoin volume in 2025, with about 60% of that classified as B2B activity .
Visa launched USDC settlement in December 2025. By March 2026, that effort had reached a $4.6 billion annualized run rate across more than 130 stablecoin-linked card programs in over 50 countries . Some public discussion has cited a $7 billion figure, but the available sources consistently point to $4.6 billion
.
Visa's partnership with Bridge has also expanded materially. In March 2026, the two companies announced plans to bring stablecoin-linked cards to over 100 countries across Europe, Asia, and Africa . The cards, which are already live in 18 countries, allow users to spend stablecoin balances from crypto wallets at 175 million Visa-accepting merchants
. Bridge also introduced a card-issuing API, enabling developers to programmatically issue stablecoin-linked Visa cards in multiple countries
.
Claims that Mastercard agreed to acquire BVNK for up to $1.8 billion could not be verified. No source in the provided evidence set confirms this acquisition, and it remains unsubstantiated for the purposes of this analysis.
Two other figures mentioned in broader discussion are not supported by the available sources. A current $325 billion total stablecoin market cap is not present in any of the documents. Likewise, the August renewal of the Coinbase-Circle revenue-sharing agreement—sometimes cited as context for whether the platform will use USDC—cannot be verified from the provided evidence.
The most consequential unresolved question is the platform's stablecoin choice. Whether the joint effort launches a new proprietary token or builds on an existing one like USDC would have significant implications for Circle and Coinbase. However, the reporting to date does not specify a direction, and Coinbase's involvement is described only as exploratory . Until a formal announcement is made, this remains a key variable for understanding how the platform will slot into the existing stablecoin landscape.
Evidence Status at a Glance
Comments
0 comments