Stablecoins, once a niche corner of the crypto industry, are 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.
On Tuesday, the U.S. Senate passed a bill that would establish a regulatory framework for stablecoins. The next step is for the House to consider the bill. Analysts say that if the bill becomes law, it 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 could launch stablecoins, its CEO Brian Moynihan said earlier this year, while Morgan Stanley 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
The French bank said in June it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary.
Walmart and Amazon
The U.S. retail giants have recently explored 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
The Spanish bank is mulling an expansion in digital assets, including early-stage plans to offer a stablecoin, Bloomberg News reported 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
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
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.
