A consortium of more than 140 businesses — including Visa, BNY Mellon, and Stripe — has formed to develop a new US dollar-backed stablecoin intended to compete directly with Tether and Circle's USDC. The project represents one of the largest coordinated entries by traditional financial institutions into the stablecoin market. No launch date has been publicly confirmed, but the scale of the partnership signals serious institutional commitment.
This is the clearest signal yet that mainstream finance is moving to capture stablecoin infrastructure rather than cede it to crypto-native players. If the consortium succeeds, it could compress market share for Tether (USDT) and Circle (USDC), while boosting the long-term legitimacy of dollar-pegged digital payments. Investors holding crypto-adjacent equities like Visa or fintech names tied to payment rails should watch this closely.
U.S. Senate GENIUS Act stablecoin regulation vote (expected mid-2025). Any official consortium launch announcement or white paper release. Circle IPO proceedings, ongoing.
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