Payment Giants Back New Dollar Stablecoin to Challenge USDT and USDC
A consortium reportedly backed by Visa, Mastercard and crypto firms is preparing a US dollar stablecoin that would keep reserve earnings in-house.
Abena Owusu
West Africa Editor · Accra
A group of financial and crypto companies is teaming up to launch a US dollar-pegged stablecoin, according to reporting from Cointelegraph. The initiative is said to count payment heavyweights Visa and Mastercard among its backers, alongside several cryptocurrency firms, positioning the venture as a potential rival to the market's two dominant tokens.
If the project proceeds, it could pose a direct challenge to Tether's USDT and Circle's USDC, the two largest stablecoins by market capitalization. A notable feature of the new effort, as reported, is that the participating companies intend to retain the earnings generated by the reserves backing the token — a revenue stream that has made existing issuers highly profitable.
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