Visa joins Stablecoins consortium formed by Paxos, Kraken and Galaxy: Report

By Hannah Pérez

Visa would be the first traditional financial company known to joining the Stablecoins consortium headed by Paxos, Kraken and Galaxy Digital. It joins at a time when the Trump administration favors the Stablecoins.

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Visa would be joining as a member of Global Dollar Network.
The consortium is made up of Kraken, Paxos, Galaxy Digital, Robinhood and others.
It is produced in the midst of the interest of traditional institutions in the stablecoins.

The Visa payments giant is incorporated into a stablcoins consortium made up of heavyweights of the cryptocurrency industry in the midst of their efforts to incorporate the new class of assets into conventional finances.

According to a report from COINDESK that cites familiar people, Visa is joining Global Dollar Network A consortium of Stablecoin formed by Paxos, Robinhood, Kraken and Galaxy Digital.

The consortium was announced last year, after the infrastructure supplier Blockchain Paxos he will launch his new stable token linked to the US dollar, called Global dollar (USDG), authorized by Singapore regulators.

According to the report, Visa would be the first traditional finance company known as a member of the Consortium, which also includes cryptocurrency -centered companies such as Anchorage Digital, Bullish and Nuvei.

COINDESK He adds that the consortium is designed so that the performance of the stablcoins is shared between the participating companies, which can create connectivity and liquidity. This model differs from Tetherfor example, which individually retains the interest obtained from their reservations of Stablecoin.

Growing interest in Stablecoins

Development occurs at a time when interest in Stablecoins It has increased after the change in the position of the United States government on cryptocurrencies, and the regulation efforts of the Donald Trump administration.

Trump has established the legislation of Stablecoins As a priority in its 2025 cryptocurrency agenda, with intentions to sign a bill before August. Two efforts to regulate Stablecoins They are currently discussed at the US Congress.

Fidelityan American financial giant, recently said that he works on a Stablecoin Own in the midst of the broader interest of global banks to venture into this sector. The World Liberty Financial project, backed by Trump, is also launching a stable token baptized USD1. Previously, PayPal He introduced such a coin called Pyusd.

The business of Stablecoinsa market valued at more than USD $ 220 billion, is currently dominated by Tether (USDT) and Circle (USDC), which alone monopolizes about USD $ 200 billion of total market capitalization.

Meanwhile, large card networks have also been occupied in efforts to integrate digital currencies into their traditional payment systems. A few weeks ago, a separate report revealed that Visa He is allegedly collaborating with WorldSam Altman’s project, to help you integrate card functions through a crypto omustody wallet.

At the end of last year, Visa presented its asset token platform designed to facilitate financial institutions the issuance of their tokens in networks Blockchain. Meanwhile, it is reported that your rival Mastercard He is working with MetamSk.

Hannah Estefanía Pérez / Diariobitcoin

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