USDC 
USDT 
Bitcoin 
Ethereum 
National bank
SoFi
SoFiUSD
SoFiUSD
SoFiUSD is a 1:1 redeemable dollar stablecoin issued by SoFi Bank and available directly within SoFi's banking app.
- Issuer
- SoFi Bank, N.A.
- Networks
- Ethereum and Solana
- Available through
- SoFi app
Stablecoin Banking
Stablecoin Challenger Banks
Banks and financial platforms are issuing their own digital dollars to compete on payments, settlement, and global money movement.
National trust bank
Fidelity Digital Assets
FIDD
FIDD
FIDD is Fidelity's fully backed digital dollar for retail, advisor, and institutional clients, with issuance and redemption handled by Fidelity Digital Assets.
- Issuer
- Fidelity Digital Assets, N.A.
- Networks
- Ethereum
- Available through
- Fidelity Crypto and institutional platform
Payments network
MoneyGram
MGUSD
MGUSD
MGUSD is designed to power MoneyGram's global payment network and connect digital-dollar balances with local cash access.
- Issuer
- Bridge for MoneyGram
- Networks
- Stellar
- Available through
- MoneyGram network
Payments platform
PayPal
PYUSD
PYUSD
PYUSD brings a dollar stablecoin into PayPal's consumer payments ecosystem and supported blockchain wallets.
- Issuer
- Paxos for PayPal
- Networks
- Ethereum and Solana
- Available through
- PayPal and supported wallets
Category Overview
What makes a stablecoin challenger bank?
Challenger banks traditionally compete through mobile-first accounts, lower fees, and better digital experiences. Stablecoin challengers extend that model by embedding blockchain-based dollars into established banking, brokerage, payments, and remittance platforms.
Issuer model
Some stablecoins are issued directly by regulated banks or trust banks. Others are issued by a regulated partner for a consumer-facing financial platform.
Distribution
The stablecoin is embedded into an existing banking, brokerage, remittance, or payments app instead of launching as a standalone crypto product.
Primary use
These products focus on payments, settlement, transfers, and digital-dollar access. Yield may be unavailable or offered through a separate product.
Deposit protection
A stablecoin is generally not an FDIC-insured bank deposit, even when a bank issues it. Product disclosures and redemption terms matter.
Stablecoins are not bank deposits
A stablecoin can be issued by a regulated bank or financial institution without being an FDIC-insured deposit. Review redemption rights, reserve disclosures, network risks, and product-specific terms before holding or transferring any stablecoin.
