(7 November 2025 – Global) As a new Bank-Fintech tie-up is announced almost daily for new Stablecoin development, what are the most exciting on-chain financial services innovations emerging globally?
The Stablecoin market is an exceptionally fast moving space consisting of pilot proof of concept projects through to formal joint ventures (JVs) and consortiums ranging in size and scope with varying total addressable market (TAM) opportunities and stakeholder commitments.
Visa
Significantly expanded stablecoin settlement capability on the back of multiple partnerships with banks and Fintechs globally. Visa has expanded its settlement platform to support multiple USD stablecoins, Euro tokenisation and integrations to enable stablecoin settlement at scale. Visa Direct is also piloting a stablecoin pre-funding platform on its real-time payments network, aiming to modernise the way financial institutions move capital across borders.
Visa is in talks with Open AI CEO Sam Altman’s World Network to link on-chain card features to a self-custody crypto wallet.
JPMorgan
JPMorgan Deposit Token (JPMD) pilot on Coinbase with an institutional focus. (JPMD) is a permissioned, bank-backed on-chain USD token for institutional clients garnering extensive major bank support in the pilot phase.
Citi
Coinbase partnership to explore improvements in digital-payment initiatives including fiat to onchain stablecoin payouts. Citi forecasts that the total outstanding supply of stablecoins could expand from US$230 billion to as much as US$3.7 trillion by 2030.
“We believe that the turnover of bank tokens could exceed stablecoins by 2030, even with a small shift of current traditional rails on chain. It is not a digital format war that we foresee. But a continued progress towards smarter, faster finance.” – Stablecoins 2030, Web3 to Wall Street.
Standard Chartered
JV with HKT and Animoca Brands to issue HKD-backed Stablecoins. Announced in Q1 2025, the Bank, telco and Web3 partner JV is seeking Hong Kong Monetary Authority (HKMA) licensing as a strategic regional play for HKD on-chain payments. Standard Chartered estimates up to US$1 trillion could flow away from emerging market (EM) banks over the next three years, or two percent of EM bank deposits. Countries most at risk include Egypt, Pakistan, Bangladesh, Sri Lanka, Türkiye, India, Brazil, South Africa, and Kenya.
“Stablecoins raise the risk of diversification away from banks, especially in emerging markets. We see the potential for US$1 trillion to leave EM banks over the medium term” commented Standard Chartered Global Head of Digital Asset Research, Geoff Kendrick.
Société Générale
New USD-pegged stablecoin issuance inclusive of BNY Mellon custody services. Institutional focus with custody arrangements that is notable given it is a regulated French bank major channelling a bank-backed stablecoin to institutional investors.
PayPal
PayPal has disclosed a strategic investment in a new stable-focused layer 1 blockchain, marking a major step in the group’s rapid Web3 expansion. The group has also partnered Fiserv for Stablecoin digital corporate payments.
Circle
Circle has partnered Finastra to integrate USDC stablecoin settlement into cross-border payment flows for banks. The group has also partnered FIS for FI Stablecoin money movement capability and ClearBank for a USDC strategic partnership pushing to expand stablecoin access across Europe. UK clearing bank partnered with Circle to accelerate bank-grade access to USDC and regional integrations with important implications for on-ramps and fiat rails in Europe.
Mastercard
Partnership with Ripple, Gemini and WebBank testing Ripple RLUSD Stablecoin for card settlement experiments. Important payments use case pilot integrating stablecoins into card settlement flows.
Western Union
Partnership with Anchorage Digital for USDPT Stablecoin on Solana with a payment and remittances focus. Joint initiative to launch a regulated USD stablecoin aimed at faster, lower-cost cross border remittance flows with significant opportunity for retail customer remittances if adopted. Also investing in digital wallet integrations.
WorldPay
Global Businesses using Worldpay, including gig economy platforms (A2A) and digital marketplaces, will now be enabled for stablecoin payouts across more than 180 markets almost instantly alongside 135 traditional currencies.
The world’s largest remittance companies are racing to offer stablecoin transfers with World Remit Zepz launching its own crypto wallet as Western Union and Remitly explore expanded stablecoin wallet services.
APAC Banks
Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMBC) and Mizuho are planning a joint JPY stablecoin. Coordinated initiative by the country’s megabanks to issue a yen-pegged stablecoin and create interoperable standards for corporate clients offering national scale and enormous corporate reach.
While 36 companies have applied for Hong Kong stablecoin licenses after new laws came into effect on 1 August, Singapore has edged out its fiercest rival financial hub to debut the XSGD cryptocurrency pegged against the Singapore Dollar.
European Banks
Nine leading European banks developing Euro stablecoin as multibank consortium. Multi-country EU banking consortium building a euro-pegged stablecoin with plans to comply with MiCAR and to serve cross-border euro payments, representing a broad regional ambition.
Global Bank Major Consortium
Ten major global banks including UBS, Citi, BofA, Deutsche Bank, Santander, BNP Paribas, MUFG, TD Bank and Goldman Sachs are exploring collaborative stablecoin issuance pegged against G7 currencies.