A group of financial companies is developing a US dollar payment stablecoin with support from Visa, Mastercard and several crypto firms. The project could emerge as a competitor to market leaders USDT and USDC.
A group of financial companies is developing a US dollar payment stablecoin with support from Visa, Mastercard and several crypto firms. The project could emerge as a competitor to market leaders USDT and USDC.
The development matters because it could introduce another major competitor in the stablecoin market. With established payment networks and crypto businesses involved, the project may be positioned to compete for payment activity and adoption.
Financial companies have joined forces on a US dollar payment stablecoin project designed to let participants retain earnings generated by its reserves. The initiative is supported by Visa, Mastercard and multiple crypto companies.
The development matters because it could introduce another major competitor in the stablecoin market. With established payment networks and crypto businesses involved, the project may be positioned to compete for payment activity and adoption.
Tether’s USDT and Circle’s USDC are currently the two largest stablecoins by market capitalization. Any credible challenger would be entering a segment dominated by those two dollar-linked assets.
The project’s reserve-earnings model is also a notable part of its proposition for participating financial companies. Further details about the stablecoin’s rollout and market impact were not included in the supplied information.
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