Twenty-one firms including several megabanks plan to establish a company that would launch a stablecoin, the deepest push yet by legacy finance into digital-asset payments.
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21 banks form stablecoin venture to counter digital-asset rivals
Twenty-one firms including several megabanks plan to establish a company to launch a stablecoin, a coordinated move by legacy finance to guard against competition from digital assets.
The Wall Street Journal reported the plan, citing people familiar with the matter. The consortium joins a wave of bank-led stablecoin projects, including a global venture backed by Bank of America, Wells Fargo and Santander, and the BankChain Alliance, which counts 39 state banking associations representing roughly 3,000 banks.
Stablecoins — digital tokens pegged to fiat currencies — have drawn banks into a market long dominated by Tether's USDT and Circle's USDC. Bank entry would challenge that duopoly while adding institutional credibility to a sector regulators have scrutinized. Institutional appetite for digital assets has broadened: U.S. spot Bitcoin ETFs recorded eight consecutive sessions of net inflows, attracting $2.8 billion, including $1.5 billion into BlackRock's $60 billion iShares Bitcoin Trust ETF.
The move marks a convergence of traditional finance with blockchain-based payments and could accelerate regulatory clarity as established banks enter the space. The SEC has submitted a proposal to the White House that would clarify how investment advisers and investment companies can custody digital assets, a framework that could ease further institutional participation.
3,000 Banks Line Up Behind Blockchain Payments
Traditional banks have spent years resisting stablecoins, wary of disintermediation and regulatory risk. The consortium marks a shift from defense to direct participation. South Korea's Shinhan, one of the country's five largest financial groups with about $100 billion in assets under management, is testing stablecoin issuance, remittances and redemptions on Visa's platform, including settlement for card payments and business-to-business transactions.
The competitive stakes are direct: a bank-backed token would give regulated institutions a seat in a payments layer that Tether and Circle built largely outside the banking system. That could force incumbents to compete on reserve transparency and compliance, not just on scale and distribution.
Regulatory Clarity Could Ease the Path
The entry of regulated banks could pressure incumbents to tighten reserve backing while giving policymakers a familiar counterparty. The Bank of Japan, Ministry of Finance and Financial Services Agency are developing a blockchain system to settle stocks and government bonds, potentially cutting the current two-day process to near real time. For the consortium, the next milestone is formal incorporation and regulatory approval, with the competitive stakes rising as digital-asset payments move from niche to mainstream.
The consortium's launch would give banks a direct stake in a payments infrastructure that has grown alongside Bitcoin's rally — the token has gained roughly 22 percent since Aug. 20 and briefly topped $81,000. If the venture clears regulatory hurdles, it could reshape how stablecoins are issued and backed, forcing incumbents to compete on compliance as much as on scale.
This article is for informational purposes only and does not constitute investment advice.
