Circle and Stripe, once distinct players in the stablecoin ecosystem, are increasingly overlapping in their roles. Circle, known for minting the USDC stablecoin, and Stripe, a global payment network, are both expanding their operations to encompass more of the stablecoin supply chain. Stripe recently launched the x402 payment feature on Base, allowing developers to charge AI agents directly using USDC, and its subsidiary Bridge received preliminary approval for a trust bank charter, potentially enabling it to offer stablecoin issuance and custody services. Meanwhile, Circle is moving beyond just issuing stablecoins by developing a comprehensive payment network. Its strategy includes the Arc blockchain for enterprise applications and the Circle Payments Network (CPN) for programmable payments. As both companies extend their reach, Circle from issuance to applications and Stripe from payments to infrastructure, they are converging in the stablecoin value chain, highlighting a shift in the industry from asset size to control over financial networks.