Part 1: Banks Bet Big on Stablecoins Joining in $250B Boom
Master the stablecoin tech stack now for your future
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HAND-CURATED FOR YOU
What makes this report by 51 and Fintech Blueprint special is that it lists the names of all key stablecoin ecosystem players and explains what they all do for the best 101 guide I’ve seen!
Breaking down the “stablecoin payment stack” into its pieces will help you master this new architecture for money transfers and allow you to follow what’s going on in this $250B market.
While I usually complain about stablecoin hype, in this case, the authors are not exaggerating when they say stablecoins will rebuild finance and commerce.
To prove it, below, I’ve compiled a list of traditional banks that reads like a “who’s who” in finance, to kill any lingering notion you may have that stablecoins are just for crypto.
Add to this list the quotes from JPMorgan and Citibank CEOs on their pursuit of stablecoins and deposit tokens. Note how they are hedging their bets with deposit tokens!
‘We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it. We don’t know exactly — I think they’re real, but I don’t know why you’d want a stablecoin as opposed to just payment.’
— JPMorgan Chase Chief Executive Jamie Dimon
That said, anyone harboring reservations about stablecoins because of their crypto origin isn’t wrong. Tether’s broken promises of a dollar peg in its early days, the Terra/Luna collapse, and frequent depegs did not inspire faith.
Times have changed, stablecoins have grown up, and now, EU and US regulations are making them safer and bringing them into the mainstream. The reason why? Simple, they represent a foundational shift in how value moves across the globe (and the Internet) that banks and regulators can no longer ignore..
“We are looking at the issuance of a Citi stablecoin, but probably most importantly is the tokenized deposit space, where we’re very active. This is a good opportunity for us.”
— Citibank CEO Jane Fraser
Stablecoins are bringing near-instant settlements, 24/7 transaction capabilities, dramatically lower fees, and full programmability to a world where SWIFT transfers are expensive, take days and programmability a dream.
Stablecoins are an idea whose time has come, and while they have regulatory and other issues associated with them that I will continue to rail against.
Yet even if I maintain a watchful, if not pessimistic, view of their problems, I still firmly believe that they will likely do more good for society than bad.
👉Going Mainstream: TradFi Adopts Stablecoins
🔹 Visa
It introduced the Visa Tokenized Asset Platform (VTAP) to enable banks to issue stablecoins and other fiat-backed tokens. It partnered with BBVA to use VTAP to launch a stablecoin in 2025. It also joined Global Dollar Network.
🔹 Revolut
Revolut is planning to launch its own stablecoin and is positioning itself as a compliance-first entrant, likely denominated in euros to comply with MiCA regulations and may joinhands with PayPal.
🔹 Deutsche Bank
DWS, the asset management arm of Deutsche Bank, is collaborating with Galaxy Digital and Flow Traders to develop a fully collateralized, regulated euro-backed stablecoin through the AllUnity joint venture.
🔹 Mastercard
Mastercard is launching cards for stablecoin spends, together with MoonPay. Recently, it partnered with Fiserv to integrate the stablecoin FIUSD token across a range of Mastercard products and services.
🔹 J.P. Morgan
JP Morgan launched JPMD, a deposit token, as its own alternative to stablecoins. It was the first major U.S. bank to create and unveil a cryptocurrency (JPM Coin) with features similar to stablecoins. [Analysis]
🔹 Bank of America
Bank of America, Citi, and Wells Fargo are working on a USD stablecoin.
🔹 Standard Chartered
Standard Chartered, Animoca Brands & HKT form JV to issue HKD-backed stablecoin.
🔹 Societe Generale
It became the first major European bank to launch a dollar-pegged stablecoin ("USD CoinVertible") via its crypto subsidiary SG-FORGE in June 2025.
🔹 Japanese banks
MUFG, SMBC, and Mizuho participated in a pilot using stablecoins and the Swift network for cross-border payments.
🔹 Amazon and Walmart
Why do retailers want to launch stablecoins? Amazon burns $18.5B annually on payment processing fees. Walmart wastes another $3.5B. Stablecoins are an attack on Visa and MC!
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Rich, I'm curious why you think the co-Founder of Airwallex is so resistant to stablecoins? He is vocal about them on X.