A wave of interest in stablecoins is sweeping through Silicon Valley, with tech giants including Apple, Google, X (formerly Twitter), and Airbnb now actively exploring ways to integrate digital dollar tokens into their payment ecosystems. The renewed momentum is driven by two key forces: progress in Washington on the GENIUS Act and a growing industry-wide push for faster, more global-friendly transaction methods.
According to a Fortune report published June 6, each company is approaching stablecoin integration differently. Google appears to be furthest along—having already processed two transactions using stablecoins. The company also confirmed that it’s evaluating various token solutions as it works to meet rising user demand for “24/7 efficient payments.”
Airbnb is reportedly in talks with Worldpay to explore stablecoin-powered payments aimed at reducing reliance on traditional credit card rails and slashing processing fees. Meanwhile, Elon Musk’s X is said to be engaging crypto firms about integrating stablecoin-based transfers into its X Money product, a financial platform Musk envisions will eventually include peer-to-peer and merchant payments.
The market backdrop supports this shift. Since January 2024, the total stablecoin market cap has soared by nearly 90%, rising from $131 billion to over $249 billion. For an industry still struggling with public trust and regulatory clarity, stablecoins now represent crypto’s most tangible and widely understood innovation.
Stripe’s $1.1B Bet Sparks Wave of Stablecoin Alliances
The stablecoin pivot isn’t limited to Silicon Valley—it’s also fueling a new wave of partnerships between tech firms and financial infrastructure providers. A pivotal moment came in October 2024, when Stripe acquired crypto payments startup Bridge for $1.1 billion. That acquisition is now widely viewed as a turning point for mainstream adoption of stablecoin technology in payments.
In the months since, several major alliances have followed. Mastercard partnered with MoonPay to support stablecoin transactions, while Visa inked a deal with Bridge to facilitate token-based payments across its global network. These moves mark a major step toward embedding blockchain-powered payments into traditional financial systems.
Meanwhile, Paxos has emerged as a key player in the stablecoin infrastructure race. The firm powers PayPal’s PYUSD, a dollar-pegged token that has amassed a nearly $1 billion market cap, and is now collaborating with Stripe on new stablecoin-based payments initiatives.
Together, these partnerships are laying the groundwork for a payment future where fast settlement, low transaction fees, and global interoperability are no longer aspirations—but baseline expectations.
GENIUS Act Draws Fire Over Big Tech’s Stablecoin Role
The GENIUS Act—a landmark bill designed to regulate the stablecoin market—continues to gain momentum in Washington, but not without controversy. Officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, the proposal seeks to bring legal clarity and oversight to the rapidly expanding $249 billion sector.
However, one provision has become a flashpoint: whether Big Tech companies should be allowed to issue their own proprietary stablecoins.
Senator Josh Hawley, a longtime critic of Silicon Valley’s influence, has publicly opposed the bill in its current form, arguing that it hands too much power to tech giants. According to The New York Times, Democratic lawmakers are now preparing an amendment to prohibit companies like Apple and Google from creating their own digital currencies altogether. If passed, the amendment would compel these firms to work with licensed third-party issuers—such as Circle or Tether—rather than minting tokens in-house.
The legislative outcome could define how stablecoins evolve in the United States—and whether tech firms will lead the charge or be relegated to the sidelines.
Quick Facts
- Google has already processed two stablecoin transactions and is exploring broader implementation.
- Airbnb is in talks with Worldpay to reduce credit card fees via stablecoin payments.
- Elon Musk’s X is in discussions to integrate stablecoin transfers within its X Money platform.
- Stripe acquired Bridge for $1.1 billion in 2024 to advance its stablecoin strategy.
- Mastercard, Visa, and Paxos are partnering with crypto firms to embed stablecoins into payment rails.
- The GENIUS Act could ban tech companies from issuing proprietary stablecoins.
