The deliberations reflect a broader industry trend as platforms seek to internalize stablecoin-related revenue, particularly in closed ecosystems.
Polymarket has not yet made a final decision, a company representative confirmed to CoinDesk.
Since Polymarket operates a closed-loop system, where users trade prediction markets using stablecoins without external payment flows, creating a native dollar-pegged token would require minimal infrastructure changes.
The U.S. regulatory environment for stablecoins improved last week with the passage of federal legislation providing a legal framework for issuers. The development has made stablecoin issuance a more viable and appealing strategy for both crypto-native firms and traditional finance players.
Circle has reportedly been offering revenue-sharing agreements to partners such as exchanges and payment providers to maintain competitive positioning. Spokespeople for Circle did not respond to a request for comment.
By potentially launching its own stablecoin, Polymarket would join a growing list of platforms seeking to bring value capture closer to the application layer, a shift that could redefine the economics of blockchain-based financial services.
