Stablecoins gain ground with corporates as US legislation takes shape
June 17 (Reuters) - As the U.S. stablecoin bill, known as the GENIUS Act, advances in the Senate, a once-niche corner of the crypto industry is gaining rapid traction among global corporates.
Stablecoins, a type of cryptocurrency designed to maintain a constant value – typically pegged 1:1 to the U.S. dollar – are widely used by crypto traders to move funds between tokens.
Analysts say the bill, if passed, could be a key catalyst for more companies across sectors to adopt stablecoins, as it would provide much-needed regulatory and legislative clarity.
Here is an overview of major companies globally that have launched, or are considering launching, their own stablecoins:
MAJOR U.S. BANKS:
Big U.S. banks are holding internal discussions about expanding into cryptocurrencies as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, Reuters reported in May.
Bank of America (BAC.N), opens new tab could launch stablecoins, its CEO Brian Moynihan said earlier this year, while Morgan Stanley (MS.N), opens new tab wants to work with regulators to see how it can be a middleman for crypto-related transactions, CEO Ted Pick said earlier this year.
BofA declined to comment, while Morgan Stanley did not immediately respond to Reuters requests for comment.
SOCIETE GENERALE (SOGN.PA), opens new tab:
The French bank said in June it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary.
WALMART (WMT.N), opens new tab AND AMAZON (AMZN.O), opens new tab:
The U.S. retail giants have recently explored, opens new tab issuing their own stablecoins, the Wall Street Journal reported earlier this month, citing people familiar with the matter.
The companies did not immediately respond to a Reuters request for comment.
BANCO SANTANDER SA (SAN.MC), opens new tab:
The Spanish bank is mulling an expansion in digital assets, including early-stage plans to offer a stablecoin, Bloomberg News reported, opens new tab in May, citing people with knowledge of the matter.
The bank did not immediately respond to a Reuters request for comment on the matter.
WORLD LIBERTY FINANCIAL:
U.S. President Donald Trump's World Liberty Financial crypto venture launched a dollar-pegged stablecoin this year, called USD1. The token has a market value of roughly $2.2 billion, according to CoinGecko.
PAYPAL (PYPL.O), opens new tab:
The payments giant launched a U.S. dollar stablecoin in August 2023, becoming the first major financial technology firm at the time to embrace digital currencies for payments and transfers.
CIRCLE INTERNET (CRCL.N), opens new tab:
The newly public company launched its flagship USDC stablecoin in 2018. It is now one of the largest stablecoins by market value, with a market cap of $61.5 billion, according to CoinGecko.
PAXOS:
The crypto-native company issues the Global Dollar stablecoin (USDG) and the Pax Dollar (USDP), both pegged 1:1 to the U.S. dollar.
TETHER:
The crypto company issues an eponymous stablecoin, which is the world's largest by market value, according to CoinMarketCap. The USDT token, with a market cap of over $155 billion, is pegged to the U.S. dollar.
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