Explore bank-issued stablecoins in 2025: JPMorgan, Société Générale, and more lead digital finance with USD, EUR, AUD stablecoins, transforming payments and treasury management.
The banking sector is experiencing a significant shift toward digitalization, with financial institutions globally embracing stablecoins to transform payments, international transfers, and institutional finance.
JPMorgan Chase, a dominant force in global payments, processes nearly $10 trillion daily, positioning stablecoins as a logical progression for banks aiming to stay competitive.
As regulatory environments evolve and customer interest surges, leading banks are either rolling out their own stablecoins or investigating digital currency projects.
This guide details the banks that have introduced stablecoins, highlights upcoming efforts, and evaluates their impact on the future of finance.
JPMorgan Chase is at the forefront of bank-issued stablecoins. Its JPM Coin, a USD-backed digital currency launched in February 2019, facilitates institution-to-institution transactions. By October 2023, JPM Coin handles roughly $1 billion in daily transactions.
The bank has also introduced JPMD, a new deposit token, set to launch on Coinbase’s Base blockchain, which operates on Ethereum.
Key Features:
CEO Jamie Dimon has reaffirmed the bank’s commitment, stating, “We’re focused on both deposit tokens and stablecoins to master the technology and excel in its application.”
Société Générale, via its subsidiary SG-Forge, has emerged as a leader in Europe with its EURCV stablecoin, launched in April 2023. EURCV complies fully with the EU’s MiCA regulation, effective since July 1, 2024, making it a pioneer in regulatory adherence.
Initially built on Ethereum, SG-Forge has expanded EURCV to the Solana blockchain for enhanced performance.
Key Features:
A: National Australia Bank (NAB) - AUDN Project (Discontinued)
National Australia Bank was an early adopter with its AUDN stablecoin, intended for launch in mid-2023. However, the project was terminated, as reported by the Australian Financial Review, due to insufficient customer demand.
Original Vision:
B: ANZ Bank - A$DC Success Story
ANZ Bank has excelled with its A$DC stablecoin, becoming the first Australian bank to conduct stablecoin transactions on a public permissionless blockchain.
ANZ is exploring innovative applications, such as using A$DC for employer pension contributions, potentially transforming Australia’s superannuation system.
Key Features:
EURI, a euro-pegged e-money token issued by Banking Circle S.A., a licensed Luxembourg bank, is among the first stablecoins to comply fully with the EU’s MiCA regulation. Backed 1:1 by segregated euro reserves and audited for parity, it operates on Ethereum (ERC-20) and BNB Smart Chain (BEP-20).
It supports 24/7 institutional settlements and uses Fireblocks tokenization and MPC technology for secure operations.
COPW, pegged 1:1 to the Colombian peso, was launched through Bancolombia’s Wenia platform (registered in Bermuda). Targeting retail users, it enables seamless fiat-to-crypto conversions, real-time purchases, transfers, and asset conversions.
It leverages Fireblocks infrastructure for secure token management and Chainlink Proof of Reserve for transparent on-chain verification of full backing.
In March 2025, Custodia Bank and Vantage Bank made history by launching the first bank-issued stablecoin on a permissionless blockchain, diverging from the permissioned blockchain preference of larger banks.
Key Features:
In July 2025, Switzerland-based AMINA Bank became the first global bank to offer custody and trading for Ripple’s RLUSD stablecoin.
Key Features:
Sumitomo Mitsui Financial Group (SMBC), Japan’s second-largest bank, has partnered with Ava Labs and Fireblocks to develop its stablecoin initiative.
Key Features:
1. Bank of America’s Strategic Position
Bank of America is poised to enter the US stablecoin market.
CEO Brian Moynihan has confirmed the bank’s interest, awaiting regulatory clarity through the GENIUS Act.
Strategic Elements:
2. Citigroup’s Consortium Approach
Citigroup is engaging in multi-bank consortium discussions to develop a stablecoin. Executives have indicated plans to issue a Citi stablecoin as part of broader digital currency strategies.
Collaboration Strategy:
3. Wells Fargo’s Blockchain Innovation
Wells Fargo has tested a proprietary blockchain-based digital cash system, demonstrating faster and more efficient cross-border transfers compared to SWIFT.
Innovation Highlights:
4. Asian Banking Innovation
Japan’s “Project Pax” Initiative
Japanese banks are collaborating on “Project Pax,” a pilot platform to integrate stablecoins for cross-border payments.
Participants:
In February 2025, Standard Chartered announced a partnership to launch a Hong Kong Dollar-pegged stablecoin, targeting Asia’s financial hub.
Strategic Elements:
Emirates NBD is exploring digital assets through its Liv X app, which now supports crypto trading, signaling potential interest in stablecoin issuance.
Digital Initiatives:
BNY Mellon has opted for ecosystem integration over issuing its own stablecoin, partnering with Circle (USDC issuer) to facilitate direct fund transfers for USDC creation and redemption.
Integration Benefits:
Fidelity’s digital assets division is testing a stablecoin, though details about launch timelines remain limited.
Development Status:
The GENIUS Act, passed by the US Senate in mid-2025, is a landmark effort to regulate stablecoins comprehensively.
Key Provisions:
The EU’s Markets in Crypto-Assets (MiCA) regulation, effective since July 1, 2024, provides the world’s first comprehensive stablecoin framework.
MiCA Impact:
Banks initially favored permissioned blockchains for control and compliance, but a shift toward permissionless networks is emerging.
1. Permissioned Leaders:
2. Permissionless Breakthrough:
Banks are adopting multi-chain strategies to enhance accessibility and mitigate risk.
Example: Société Générale’s EURCV operates on Ethereum and Solana, offering users a choice between Ethereum’s security and Solana’s speed and cost efficiency.
Benefits:
Non-bank issuers currently dominate the stablecoin market, but banks are gaining traction.
Current Market Leaders:
Bank Advantages:
JPMorgan projects the stablecoin market to reach $500 billion by 2028, while others predict growth to $2 trillion with increased regulatory clarity.
Growth Drivers:
Traditional cross-border payments face high costs, slow processing, and limited visibility. Bank stablecoins address these challenges.
Current Challenges:
Stablecoin Solutions:
Bank stablecoins enhance treasury management for institutional clients.
Applications:
Target Clients:
1. Carbon Credit Trading
NAB and ANZ have explored carbon credit trading. ANZ’s A$DC has been used to purchase tokenized Australian carbon credits.
2. Pension Payments
ANZ is pioneering real-time pension distribution, collaborating with HESTA to explore A$DC for employer pension contributions.
3. Supply Chain Finance
Banks are investigating automated supply chain payments and trade finance using programmable stablecoins.
Despite progress, regulatory frameworks remain incomplete in some markets.
US Market Challenges:
Global Variations:
Banks face technical hurdles in implementing stablecoins.
Integration Challenges:
Banks compete in a Tas a market dominated by established players.
Competitive Pressures:
1. Payment System Evolution
Bank stablecoins will become core infrastructure for next-generation payment systems, enabling programmable money and automated processes.
2. Central Bank Coordination
Bank stablecoins and CBDCs will complement each other, shaping the digital economy.
3. Global Financial Integration
Stablecoins will streamline cross-border financial integration, reducing friction in global commerce.
For Financial Institutions:
For Businesses and Investors:
Strategic Assessment:
Technology Preparation:
Regulatory Monitoring:
Treasury Management:
Investment Strategies:
The adoption of stablecoins by traditional banks marks a transformative shift in finance. With maturing regulations and active development by major banks, 2025 is a critical year for bank-issued stablecoins.
Institutions overcoming technical, regulatory, and competitive challenges will lead the digital economy revolution.
Early adopters like JPMorgan Chase, Société Générale, and ANZ Bank highlight the potential of bank stablecoins, which are set to become vital infrastructure for faster, cheaper, and more transparent financial services while preserving the trust and security of traditional banking.
Read Next:
A bank-issued stablecoin is a digital currency created by a regulated bank, pegged 1:1 to a fiat currency like the USD or euro. Unlike volatile cryptocurrencies such as Bitcoin, bank stablecoins are fully backed by reserves at regulated institutions, offering stability and blockchain benefits like rapid settlements and 24/7 availability.
Eight banks have launched stablecoins: JPMorgan Chase (JPM Coin and JPMD), Société Générale (EURCV), National Australia Bank (AUDN, discontinued), ANZ Bank (A$DC), Custodia Bank, Vantage Bank, AMINA Bank (supporting Ripple’s RLUSD), and Sumitomo Mitsui. JPMorgan leads with over $1 billion in daily transactions, while EURCV is the first MiCA-compliant bank stablecoin.
Yes, bank-issued stablecoins operate under banking regulations and emerging digital asset frameworks. In the EU, EURCV complies with MiCA. In the US, the GENIUS Act will provide oversight. Bank stablecoins benefit from banking safeguards like deposit insurance and regulatory supervision, making them safer than many non-bank alternatives.
Bank stablecoins provide instant settlements, up to 80% cost savings on cross-border payments, 24/7 availability, blockchain-based transparency, and programmable functionality. Businesses can use them for international payments, supply chain finance, treasury management, and applications like carbon credit trading.
Banks like Bank of America, Citigroup, and Wells Fargo are awaiting GENIUS Act approval to launch stablecoins. CEOs Brian Moynihan and Jamie Dimon have confirmed readiness. Experts anticipate a wave of US bank stablecoin launches in 2025-2026, potentially via consortiums leveraging infrastructure like Zelle.
