The banking industry is undergoing a digital transformation as financial institutions worldwide recognize the potential of stablecoins to revolutionize payments, cross-border transactions, and institutional finance.
JPMorgan Chase is a juggernaut in the global payments industry, helping move nearly $10 trillion daily, making stablecoins a natural evolution for traditional banks seeking to maintain their competitive edge.
As regulatory frameworks mature and customer demand grows, major banks are launching their own stablecoins or actively exploring digital currency initiatives.
This comprehensive guide examines which banks have successfully launched stablecoins, explores upcoming initiatives, and analyzes the implications for the future of finance.
Key Takeaways
• Ten major banks have launched stablecoins: JPMorgan Chase (JPM Coin), Société Générale (EURCV), NAB (AUDN - now discontinued), ANZ Bank (A$DC), Custodia Bank, Vantage Bank, AMINA Bank, BankingCircle, Bancolombia, and Sumitomo Mitsui.
• Regulatory clarity is driving adoption: The pending GENIUS Act in the US and EU's MiCA regulations provide frameworks for bank-issued stablecoins
• Consortium approaches emerging: Major US banks including Bank of America, Citigroup, and Wells Fargo are exploring joint stablecoin initiatives
• Multi-currency expansion: Banks are developing stablecoins for USD, EUR, AUD, and other major currencies to serve regional markets
• Institutional focus dominates: Most bank stablecoins target corporate and institutional clients rather than retail consumers
Banks That Have Successfully Launched Stablecoins
JPMorgan Chase - The Pioneer with JPM Coin and JPMD
JPMorgan Chase stands as the undisputed leader in bank-issued stablecoins. JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the bank JP Morgan Chase, announced in February 2019 as an institution-to-institution service. As of October 2023, JPM Coin is used for approximately $1 billion of transactions each day.
The bank has recently expanded its digital currency offerings with JPMD, a new deposit token. JPMorgan Chase is taking a step further into the cryptocurrency space with its own stablecoin-like token, called JPMD, which is planning to launch a so-called deposit token on Coinbase's public blockchain Base, which is built on top of the Ethereum network.
Key Features:
- Technology: Runs on JPMorgan's Onyx blockchain platform for JPM Coin; JPMD on Coinbase's Base network
- Currencies: USD and EUR support
- Daily Volume: Over $1 billion in daily transactions
- Target Market: Institutional clients only
- Use Cases: Cross-border payments, settlement solutions
CEO Jamie Dimon recently confirmed the bank's commitment to stablecoins, stating: "We're going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it".
Société Générale - European Leadership with EURCV
Société Générale through its subsidiary SG-Forge has established itself as a European leader in bank-issued stablecoins. Société Générale–FORGE (SG–Forge), a subsidiary of the Group with expertise in the field of crypto-assets and blockchain, issued its stablecoin named "EUR CoinVertible (EURCV)" in April 2023.
Regulatory Compliance: EURCV is fully compliant since the inception of the MiCA stablecoin regulation on July 1st 2024, making it one of the first bank stablecoins to meet EU regulatory standards.
Multi-Chain Strategy: The EURCV operates on multiple blockchains. Initially launched on Ethereum, FORGE, la division de la Société Générale dédiée aux actifs numériques, a annoncé une nouvelle évolution technique pour son stablecoin EUR CoinVertible (EURCV). Ce dernier sera prochainement disponible sur la blockchain Solana.
Key Features:
- Launch Date: April 2023
- Regulatory Status: EU MiCA compliant
- Blockchain Networks: Ethereum and Solana
- Market Cap: Over €11 million in circulation
- Partnerships: Listed on Bitstamp exchange
Australian Banking Innovation: NAB and ANZ Lead the Way
National Australia Bank (NAB) - AUDN Project (Discontinued)
National Australia Bank was among the early adopters of stablecoin technology with its AUDN project. The National Australia Bank (NAB), one of the four biggest Australian banks, has created a stablecoin called AUDN, which it aims to launch in the middle of 2023.
However, The National Australia Bank has shuttered its stablecoin project, AUDN, the Australian Financial Review reported today, citing a lack of customer demand as the primary reason.
Original Vision:
- Currency: Australian Dollar-backed
- Use Cases: Cross-border banking, carbon credit trading
- Target Market: Corporate and institutional clients
- Technology: Ethereum blockchain
ANZ Bank - A$DC Success Story
ANZ Bank has achieved notable success with its A$DC stablecoin, becoming the first Australian bank to successfully execute stablecoin transactions. ANZ today announced it has successfully executed the first ever Australian-bank issued Australian dollar stablecoin (A$DC) payment through a public permissionless blockchain transaction.
Innovative Applications: ANZ is exploring advanced use cases for A$DC, including using the stablecoin for employers paying staff pension contributions, which could revolutionize Australia's superannuation system.
Key Features:
- Launch Date: March 2022
- Technology: Ethereum blockchain with Fireblocks infrastructure
- Backing: 1:1 Australian dollar reserves
- Applications: Digital asset trading, carbon credit purchases, pension payments
- Notable Transaction: $30 million pilot with Victor Smorgon Group
Banking Circle EURI
A euro‑pegged e‑money token, EURI—issued by Banking Circle S.A., a licensed Luxembourg bank—is one of the first stablecoins fully compliant with the EU’s MiCA regulation and is backed 1:1 by segregated euro reserves, with auditing to ensure parity between tokens and cash.
It operates on both Ethereum (ERC‑20) and BNB Smart Chain (BEP‑20), supports 24/7 settlement for institutions, and leverages Fireblocks’ tokenization and MPC technology to securely mint, burn, and transit EURI tokens
Bancolombia COPW - LATAM peso‑backed retail stablecoin
COPW is a stablecoin pegged 1:1 to the Colombian peso, launched via Bancolombia’s Wenia platform (registered in Bermuda), aimed at retail users for seamless on‑ and off‑ramping between fiat and crypto and supporting real‑time purchases, transfers, and asset conversions.
It uses Fireblocks’ tokenization infrastructure for secure lifecycle management and integrates Chainlink Proof of Reserve for transparent, on‑chain verification that COPW is fully backed, enhancing trust and preventing the risk of under-collateralization.
US Regional Bank Breakthrough: Custodia and Vantage Bank
A significant milestone occurred in March 2025 when Custodia Bank and Vantage Bank collaborated to launch the first bank-issued stablecoin on a permissionless blockchain. This represents a departure from the typical permissioned blockchain approach favored by larger institutions.
Key Features:
- Launch Date: March 2025
- Technology: Ethereum permissionless blockchain
- Innovation: Tokenizing USD demand deposits
- Significance: Setting precedent for US bank stablecoin adoption
Swiss Banking Innovation: AMINA Bank and Ripple Partnership
AMINA Bank, a Swiss-based institution, made headlines in July 2025 by becoming the first global bank to offer custody and trading support for Ripple's RLUSD stablecoin.
Key Features:
- Launch Date: July 2025
- Partnership: Ripple RLUSD custody and trading
- Target Market: Institutional clients
- Significance: First global bank supporting RLUSD
Japanese Banking Entry: Sumitomo Mitsui (SMBC)
Sumitomo Mitsui Financial Group (SMBC), Japan's second-largest bank, has partnered with Ava Labs and Fireblocks to develop its stablecoin initiative.
Key Features:
- Development Partners: Ava Labs, Fireblocks
- Testing Timeline: Late 2025
- Market Position: Japan's second-largest bank
- Strategic Importance: Expanding Asian stablecoin adoption
Major Banks Exploring Stablecoin Initiatives
US Banking Giants Preparing for Launch
Bank of America's Strategic Position
Bank of America has positioned itself as a major player in the pending US stablecoin market. Bank of America CEO Brian Moynihan has also said his firm would get involved in stablecoins, with the bank indicating readiness to launch once regulatory clarity arrives through the GENIUS Act passage.
Strategic Elements:
- Regulatory Dependency: Awaiting GENIUS Act passage
- Consortium Participation: Joint initiative discussions with other major banks
- Market Preparation: Ready-to-launch strategy in place
Citigroup's Consortium Approach
Citigroup is actively involved in multi-bank consortium discussions. Citigroup executives said Tuesday that the bank was "looking at the issuance of a Citi stablecoin" among several ways to play in the space.
Collaboration Strategy:
- Infrastructure: Leveraging existing payment rails like Zelle or The Clearing House
- Partners: JPMorgan, Bank of America, Wells Fargo
- Timeline: Dependent on regulatory clarity
Wells Fargo's Blockchain Innovation
Wells Fargo has demonstrated blockchain capabilities through internal pilot programs. The bank has tested a proprietary blockchain-based digital cash system, which proved faster and more efficient than SWIFT for internal cross-border transfers.
Innovation Highlights:
- Performance: Faster than SWIFT for cross-border transfers
- Consortium Role: Active joint stablecoin discussions
- Proven Technology: Successful internal blockchain implementation
Asian Banking Innovation
Japan's "Project Pax" Initiative
Japanese banks are collaborating on "Project Pax," a comprehensive pilot platform exploring stablecoin integration for cross-border payments.
Participants:
- Mitsubishi UFJ Financial Group (MUFG): Leading participant
- Mizuho Bank: Active collaboration
- SMBC: Technology integration focus
Technology Focus: SWIFT-blockchain integration for seamless cross-border payment solutions
Global Banking Expansion
Standard Chartered's Hong Kong Dollar Initiative
Standard Chartered Bank announced in February 2025 a strategic partnership to launch a Hong Kong Dollar-pegged stablecoin, targeting the Asian financial hub market.
Strategic Elements:
- Announcement: February 2025 partnership
- Currency Focus: Hong Kong Dollar-pegged stablecoin
- Market Significance: Asian financial hub expansion
Emirates NBD's Digital Strategy
Emirates NBD has signaled interest in digital assets through its Liv X app, which now includes crypto trading capabilities.
Digital Initiatives:
- Platform: Liv X app crypto trading
- Strategic Direction: Digital asset engagement
- Future Potential: Stablecoin issuance consideration
Banking Infrastructure Supporting Stablecoins
BNY Mellon's Integration Strategy
BNY Mellon has chosen an ecosystem integration approach rather than launching its own stablecoin. The bank has deepened its partnership with Circle (issuer of USDC) to enable clients to send funds directly for USDC creation and redemption.
Integration Benefits:
- Service: Direct fund transfers for USDC creation/redemption
- Approach: Ecosystem integration vs. proprietary issuance
- Client Benefits: Streamlined stablecoin access
Fidelity's Testing Phase
Fidelity's digital assets arm has been testing a stablecoin, though specific details about launch timelines remain undisclosed.
Development Status:
- Testing: Digital assets arm stablecoin development
- Market Position: Investment services integration
- Strategic Importance: Bridging traditional and digital finance
Regulatory Landscape Driving Bank Stablecoin Adoption
US Regulatory Framework
The pending GENIUS Act represents the most significant development in US stablecoin regulation. At the center of this shift is the GENIUS Act, which just passed the US Senate in mid-2025. It's the most comprehensive effort yet to regulate the stablecoin market.
Key Provisions:
- Reserve Requirements: Clear guidelines for stablecoin backing
- Auditing Standards: Regular compliance audits
- Operational Transparency: Public disclosure requirements
- Bank Authorization: Legal framework for bank-issued stablecoins
EU Leadership in Stablecoin Regulation
The European Union's Markets in Crypto-Assets (MiCA) regulation has provided the world's first comprehensive stablecoin regulatory framework. EURCV is fully compliant since the inception of the MiCA stablecoin regulation on July 1st 2024.
MiCA Impact:
- Compliance Examples: Société Générale's EURCV
- Competitive Advantage: Clear regulatory environment
- Market Implications: EU banks' first-mover advantage
Regional Regulatory Variations
Japan: Project Pax receives regulatory support for stablecoin cross-border payment pilots
Australia: Progressive stablecoin banking approach with APRA and AUSTRAC oversight
Switzerland: Crypto-friendly banking environment enabling innovations like AMINA Bank's RLUSD support
Hong Kong: Digital asset hub development supporting Standard Chartered's initiatives
Technology Infrastructure and Blockchain Choices
Permissioned vs. Permissionless Blockchains
Most banks have initially chosen permissioned blockchain networks for greater control and compliance. However, recent developments show a trend toward permissionless networks.
Permissioned Leaders:
- JPMorgan: Onyx blockchain for JPM Coin
- Consortium Approaches: Private networks for multi-bank initiatives
Permissionless Breakthrough:
- Custodia/Vantage Bank: First bank stablecoins on Ethereum public network
- ANZ Bank: A$DC operates on public Ethereum
- Société Générale: EURCV on Ethereum and Solana public networks
Multi-Chain Strategy
Leading banks are adopting multi-chain approaches to maximize accessibility and reduce risk.
Example: Société Générale's EURCV operates on both Ethereum and Solana, providing users with choice between security (Ethereum) and speed/cost efficiency (Solana).
Benefits:
- Broader Accessibility: Multiple blockchain ecosystems
- Risk Diversification: Reduced single-chain dependency
- Cost Optimization: Leveraging different blockchain cost structures
Market Impact and Competitive Landscape
Bank Stablecoins vs. Non-Bank Competitors
The stablecoin market is currently dominated by non-bank issuers, but banks are gaining ground.
Current Market Leaders:
- Tether (USDT): $120+ billion market cap
- Circle (USDC): $30+ billion market cap
- PayPal (PYUSD): Growing retail adoption
Bank Advantages:
- Regulatory Compliance: Built-in regulatory frameworks
- Institutional Trust: Established banking relationships
- Deposit Insurance: Government backing in some jurisdictions
Market Size Projections
The stablecoin market is expected to grow to $500 billion by 2028, JPMorgan said. However, other projections are more optimistic, with some forecasting growth to $2 trillion by 2028 following regulatory clarity.
Growth Drivers:
- Regulatory Clarity: GENIUS Act and MiCA implementation
- Bank Adoption: Increased institutional confidence
- Use Case Expansion: Beyond crypto trading to real-world applications
Use Cases and Applications
Cross-Border Payments
Traditional cross-border payments suffer from high costs, slow settlement times, and limited transparency. Bank stablecoins address these pain points directly.
Current Challenges:
- SWIFT Limitations: Multi-day settlement times
- High Costs: 6-8% average fees for international transfers
- Limited Transparency: Unclear processing status
Stablecoin Solutions:
- Real-time Settlement: Transactions complete in minutes
- Cost Reduction: Up to 80% reduction in transfer costs
- Full Transparency: Blockchain-based transaction tracking
Institutional Treasury Management
Bank stablecoins enable sophisticated treasury management for institutional clients.
Applications:
- Liquidity Management: 24/7 fund movement capabilities
- Yield Optimization: Programmable money for automated strategies
- Cash Management: Real-time visibility and control
Target Clients:
- Corporations: Multinational cash management
- Asset Managers: Fund operations and settlements
- Financial Institutions: Interbank settlements
Specialized Applications
Carbon Credit Trading
Both NAB and ANZ banks have focused on carbon credit trading as a key use case. ANZ's A$DC stablecoin has been used by one of its large institutional customers to purchase a tokenised representation of Australian carbon credits.
Pension Payments
ANZ is pioneering real-time pension distribution systems. ANZ first issued its pilot A$DC stablecoin in 2022. Together with pension firm HESTA, it is now exploring using the stablecoin for employers paying staff pension contributions.
Supply Chain Finance
Banks are exploring automated supply chain payments and trade finance applications using programmable stablecoins.
Challenges and Risks for Bank-Issued Stablecoins
Regulatory Uncertainty
Despite recent progress, regulatory frameworks remain incomplete in key markets.
US Market Challenges:
- GENIUS Act Timeline: Congressional approval required
- State vs. Federal: Overlapping regulatory jurisdictions
- Compliance Costs: Ongoing regulatory requirements
Global Variations:
- Inconsistent Frameworks: Different standards across jurisdictions
- Cross-Border Complexity: Multi-jurisdictional compliance requirements
Technical and Operational Challenges
Banks face significant technical hurdles in stablecoin implementation.
Integration Challenges:
- Legacy Systems: Blockchain integration with existing infrastructure
- Scalability: Transaction throughput requirements
- Security: Custody and key management
- Interoperability: Cross-system and cross-chain compatibility
Market Competition
Banks enter a competitive market with established players and significant network effects.
Competitive Pressures:
- Network Effects: Existing stablecoin adoption advantages
- Fintech Innovation: Faster development cycles
- Customer Education: Overcoming adoption barriers
- Revenue Models: Sustainable business case development
Future Outlook: What's Next for Bank Stablecoins
2025-2026 Predictions
US Bank Launch Wave: Following GENIUS Act passage, expect rapid launches from Bank of America, Citigroup, and Wells Fargo
Consortium Development: Multi-bank collaborations leveraging shared infrastructure like Zelle and The Clearing House
Regional Expansion: Continued growth in Asia-Pacific and European markets
Technology Evolution: Increased adoption of cross-chain and interoperability solutions
Long-term Industry Transformation
Payment System Evolution
Bank stablecoins will likely become foundational infrastructure for next-generation payment systems, enabling programmable money and automated financial processes.
Central Bank Coordination
The relationship between bank stablecoins and Central Bank Digital Currencies (CBDCs) will evolve, with both serving complementary roles in the digital economy.
Global Financial Integration
Stablecoins will enable seamless cross-border financial integration, reducing friction in international commerce and investment.
Investment and Strategic Implications
For Financial Institutions:
- Competitive Positioning: First-mover advantages in specific markets
- Technology Investment: Blockchain infrastructure development needs
- Partnership Opportunities: Collaboration with fintech and blockchain companies
For Businesses and Investors:
- Treasury Optimization: Stablecoin integration for cash management
- Payment Efficiency: Cross-border transaction cost reduction
- Investment Exposure: Bank digital asset strategies impact valuations
How to Prepare for Bank Stablecoin Adoption
For Financial Institutions
Strategic Assessment:
- Evaluate regulatory readiness and compliance frameworks
- Assess technology infrastructure capabilities
- Analyze customer demand and use case viability
Technology Preparation:
- Develop blockchain integration strategies
- Evaluate custody and security solutions
- Plan for interoperability and cross-chain functionality
Regulatory Monitoring:
- Track GENIUS Act implementation timeline
- Monitor MiCA compliance requirements
- Prepare for cross-jurisdictional regulatory requirements
For Businesses and Investors
Treasury Management:
- Assess stablecoin integration opportunities
- Evaluate cross-border payment optimization potential
- Consider automated financial process implementation
Investment Strategies:
- Monitor bank digital asset exposure and strategy
- Evaluate stablecoin yield and utility opportunities
- Assess risk management and compliance requirements
The transformation of traditional banking through stablecoin adoption represents one of the most significant financial innovations of the decade. With regulatory frameworks maturing and major banks actively developing solutions, 2025 marks a pivotal year for bank-issued stablecoins. Financial institutions that successfully navigate the technical, regulatory, and competitive challenges will position themselves at the forefront of the digital economy revolution.
The success of early adopters like JPMorgan Chase, Société Générale, and ANZ Bank demonstrates the viability and benefits of bank-issued stablecoins. As more institutions join this movement and regulatory clarity improves, bank stablecoins will likely become essential infrastructure for the future of finance, enabling faster, cheaper, and more transparent financial services while maintaining the trust and security that traditional banking provides.
Frequently Asked Questions
1. What is a bank-issued stablecoin and how does it differ from other cryptocurrencies?
A bank-issued stablecoin is a digital currency created and backed by a traditional bank, designed to maintain a stable value pegged 1:1 to a fiat currency like the US dollar or euro. Unlike volatile cryptocurrencies like Bitcoin, bank stablecoins are fully backed by reserves held at regulated financial institutions and offer the stability of traditional currency with the benefits of blockchain technology, including faster settlements and 24/7 availability.
2. Which major banks have already launched their own stablecoins?
Eight major banks have successfully launched stablecoins: JPMorgan Chase (JPM Coin and JPMD), Société Générale (EURCV), National Australia Bank (AUDN - now discontinued), ANZ Bank (A$DC), Custodia Bank, Vantage Bank, AMINA Bank (supporting Ripple's RLUSD), and Sumitomo Mitsui Financial Group. JPMorgan leads with over $1 billion in daily transaction volume, while Société Générale's EURCV is the first EU MiCA-compliant bank stablecoin.
3. Are bank-issued stablecoins regulated and safe to use?
Yes, bank-issued stablecoins operate under existing banking regulations and emerging digital asset frameworks. In the EU, stablecoins like Société Générale's EURCV comply with MiCA regulations. In the US, the pending GENIUS Act will provide comprehensive regulatory oversight. Bank stablecoins benefit from traditional banking safeguards including deposit insurance, regulatory supervision, and established compliance frameworks, making them significantly safer than many non-bank alternatives.
4. What are the main benefits of using bank stablecoins for businesses?
Bank stablecoins offer several key advantages: instant settlement (minutes vs. days for traditional wire transfers), significant cost reduction (up to 80% savings on cross-border payments), 24/7 availability, full transparency through blockchain tracking, and programmable functionality for automated processes. Businesses can use them for international payments, supply chain finance, treasury management, and specialized applications like carbon credit trading.
5. When will more major US banks launch stablecoins?
Major US banks including Bank of America, Citigroup, and Wells Fargo are waiting for the GENIUS Act to pass before launching their stablecoins. Bank of America CEO Brian Moynihan and JPMorgan CEO Jamie Dimon have both confirmed their institutions are prepared to launch once regulatory clarity is achieved. Industry experts expect a wave of US bank stablecoin launches in 2025-2026 following the passage of enabling legislation, with potential consortium approaches leveraging existing payment infrastructure like Zelle.
