Until recently, Banks watched Jealous people from the outside, as Tether Holdings, a market leader in Stablecoin Market, has billions of dollars in profits. Now they want it.
Earlier this year, Societe Generale -Forge produced its euro-backed Stablecoin (which basically represents Fiat in the blockchain ledger) that can be used for retail investors. Financial group Oddo BHF SCA is also working on people dominated by euro timing, and London-based Revolut is considering releasing its own version. Allunity is an adventure involving Deutsche-Bank-owned DWS, which is planned to be released next year, and BBVA is working on it.
Banks in the U.S. are expected to join the once-rushing legislation, which could pave the way for them to issue Stablecoins. In Europe, with the clarity of the recent Crypto-Assets regulations (MICA) on the market, and Tether’s decision to stop its EURT Stablecoin, this provides an opening ceremony for competitors looking to enable customers to pay or hold FIAIT like Alternative.
“Do I think other banks will issue their own stablecoins?” SG-Forge CEO Jean-Marc Stenger said in an interview. “The answer is yes. It’s heavy lifting, I’m not sure it will happen soon, but it will happen.”
GS-Forge is already talking to many banks that want to use its stable. This is also being discussed with about 10 technologies related to partnerships or white markings for them to issue their own stability, he said.
Meanwhile, the card online visa launched a banking network for bank issuance with the BBVA in October 2025, which is working with the BBVA and talking with many other banks.
“We have seen the demand for banks in Hong Kong in Singapore,” said Cuy Sheffield, head of cryptocurrency at Visa. “We are actively interacting with many banks around the world at all stages of the process.”
In July, Standard Charter cooperated with blockchain gaming group Animoca Brands Ltd. and Hong Kong Telecom Co., Ltd. and was selected by the Hong Kong Monetary Authority as one of the first issuers of HKD-PRINGIAND-PRIANTIANS STABLECOINS in the experimental program. Rene Michau, global head of digital assets, said the bank hopes the stablecoin can survive.
Those eager to stabilize will enhance the role of blockchain in payments, except for the slightly different products that major banks such as JPMorgan Chase are exploring: deposit tokens. Although similar to stablecoins, they are related to bank accounts. Tools like JPM coins have also been transferred between customers of the same bank using their own blockchain. The problem is that deposit tokens are usually not handed over to customers at another bank. Billions of people still don’t have bank accounts. That’s where Stablecoins come in that anyone with a crypto wallet can buy.
JPMorgan Chase believes that stable deposits are not mutually exclusive and expects accelerating interest in stable and stable bank issuances and to accelerate and become mainstream over the next three years, JPMorgan’s global partner company Naveen Mallela is JPMORGAN’s digital collection unit Kinexys’ answers.
Multiple banks report, there are many incentives to provide stable people: customers have been asking for the product. Then there is the profit motivation: According to CEO Paolo Ardoino, Tether can end a year (about Rs 1,000 crore in net profit) for over $10 billion.
Not all banks (or users) are for sale on Tradfi that issue their own Stablecoins. Joey Garcia, the bank’s board director and chief legal officer, said Joey Garcia, the bank’s director and chief legal officer, said the bank’s crypto-friendly Xapo bank does not intend to release it, said. A bank, because Tether is already deeply rooted.
“We don’t want to be in that field, we want to be a tool that allows blockchain network efficiency to interact with your legacy, bank account security,” Garcia said.
For banks, the risks of stable issuance still abound: ECB analysis shows that converting retail deposits to deposits from Stablecoin issuers will weaken bank liquidity coverage, suggesting banks’ ability to meet short-term obligations and withstand market turbulence .
U.S. regulators also need to clarify what banks can use to support their stable reserves and whether they will insure stable deposits.
“If banks issue uninsured stablecoins with insurance deposits, consumers will be seriously confused about what and not being insured,” said Hilary Allen, a law professor at American universities. “If in a time of crisis, if in a time of crisis,” Being told that the stables issued by their bank were not protected and could cause panic.”
Avtar Sehra, CEO of Libre, said central banks are not sleeping on the steering wheel: many of them are testing or launching central bank digital currencies, which in some use cases can replace stablecoins issued by banks over time, such as wholesale Payment. Capital, which works with the First Abu Dhabi Bank, undertakes loans by blockchain-based tokens.
“Everyone is exploring some form of commercial bank digital currency,” Sehra said. “End of the day they might issue their own. But in the end, they all want to use consortium coins.”
©2024 Bloomberg LP
(This story has not been edited by Tech Word News’s staff and is automatically generated from the joint feed.)
