Major Banks and others Embrace Stablecoin Support

Stablecoins – digital currencies backed 1:1 by fiat assets like U.S. Treasuries or cash – are having a breakout year. Once used just for crypto trading and DeFi degens, they’re now being adopted and implemented by banks, fintechs, apps and even retailers as a serious wave of adoption paves the path of future payments and savings.

With the U.S. GENIUS Act, stablecoins can be issued by licensed institutions under specific reserve requirements. While the Act prohibits paying direct interest to holders by the issuer of the stablecoin (like Circle), but not the intermediaries that use the token like platforms, apps or crypto exchanges. This opens the floodgate for new innovations – particularly in reward structures, embedded yield mechanisms, and tokenized savings.

This breakdown summarizes the major players entering the stablecoin space, and details on those offering or planning to offer yield or rewards. Let’s go!

Major Banks Entering the Stablecoin Market

BankStablecoin or ServiceYield/RewardsStatusNotes

Paypal

PYUSD + 3.7% rewards program

✓ Yes – 3.7% APY in PYUSD

Launching Summer 2025

U.S. customers will earn yield paid monthly in PYUSD

SoFi

Stablecoin remittances + wallet plans

Unknown

In development

Announced crypto wallet with stablecoin features and cross-border plans

Bank of America

Internal USD stablecoin project

Unknown

In development

CEO confirmed plans pending regulatory readiness

Revolut

Stablecoin rewards program

✓ Yes

Launching soon

Built on Morpho, EVM

JPMorgan, Citi, Wells Fargo

Joint stablecoin effort (rumored)

Unknown

Unconfirmed

Expected to focus on institutional payments or tokenized settlements

BNY Mellon

Selected Ripple stablecoin

Unknown

In development

Finserv

FIUSD

Unknown

In development

Built on Paxos and Circle

Santander (Spain)

Exploring stablecoins internally

Unknown

Early exploration

Could issue USD or EUR-backed tokens through digital subsidiary

Societe Generale (France)

USD CoinVertible (USDCV)

Not yield-bearing

Live

Launched on Ethereum and Solana with fiat reserve backing via BNY Mellon

BBVA (Spain)

Euro/USD stablecoin via Visa platform

Unknown

Pilot in planning

Will use Visa’s tokenization infrastructure for bank-issued tokens

Deutsche Bank (Germany)

Stablecoin/crypto custody platform

Custody only

Launching in 2026

Stablecoin custody will be part of full digital asset suite

ZA Bank (Hong Kong)

Custodial banking for stablecoin issuers

No rewards for users

Live

Supports fiat reserves and infrastructure for third-party issuers

Retail and Big Tech Exploring Stablecoins

CompanyStablecoin ActivityYield/RewardsStatusNotes

Amazon

Exploring proprietary stablecoin

Unknown

Rumored

May integrate into payments and customer rewards ecosystem

Walmart

Stablecoin project under internal review

Possible future rewards

Rumored

Likely tied to loyalty, refunds, and retail payments

Meta

Considering re-entry to stablecoins

Unknown

Unconfirmed

Diem (formerly Libra) failed for being too early for regulators; now revisiting concept

World Liberty Financial

Issuing USD1 stablecoin

Possible DeFi integrations

Active

Focused on both retail and institutional stablecoin usage

Other Noteworthy Issuers and Stablecoin Programs

IssuerStablecoin or ProjectYield/RewardsStatusNotes

Robinhood + Paxos

Global Dollar (USDG)

No direct rewards, as they are an issuer

Live in EU

MiCA-compliant, designed for everyday users and merchants

Visa (in partnership with banks)

Tokenized Asset Platform

Infrastructure only

Pilot in progress

Enables banks like BBVA to issue fiat-backed tokens on-chain

What This Means for Savers and Investors

The rapid expansion of stablecoin offerings across banks and fintechs reflects a new phase of digital finance: regulated, institutionally backed, and increasingly geared toward utility and long-term retention. Companies are working to add structured rewards, embedded yield in tokenized funds, and integrations with popular DeFi yield protocols.

We expect the following trends to accelerate:

• Reward-based stablecoins like PayPal USD setting a new precedent
• Tokenized savings accounts that mimic high-yield cash alternatives
• Retail integration from Amazon, Walmart, and others with customer incentive layers
• Institutional entrants offering high-trust custody and settlement rails

Meanwhile, decentralized finance will continue to serve as the primary destination for risk-adjusted yield on stablecoins, especially for more experienced investors.

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