Banks Enter the Stablecoin Era
BIS Project Agora illustrates tokenized wholesale payments can settle in seconds across borders, while a US national bank issues the first stablecoin to retail customers
Market Moves
Mastercard gets NY BitLicense, signaling shift to direct stablecoin settlement
Mastercard Transaction Services has obtained a New York BitLicense from NYDFS, enabling the payments giant to transmit and settle directly in stablecoins without relying on third-party licensed intermediaries — a structural shift that positions Mastercard to compete as a direct digital currency settlement rail rather than merely a network overlay. For banks and payment institutions, this signals that major card networks are building native stablecoin settlement capability, not just partnerships.
SoFi launches native stablecoin to all its banking customers
SoFi has launched SoFiUSD, the first stablecoin issued by a U.S. national bank, to all 14.7 million of its banking customers on Ethereum and Solana, with plans to follow with tokenized deposits. This is a landmark moment: a federally chartered bank is now distributing a bank-issued stablecoin at consumer scale, testing the boundary between traditional deposit-taking and programmable digital money.
https://www.americanbanker.com/news/sofi-launches-native-stablecoin-to-all-its-banking-customers
Paxos Securities Settlement Company Receives Clearing Agency Registration from the U.S. Securities and Exchange Commission
Paxos has received formal SEC registration as a clearing agency for its blockchain-based securities settlement business, marking the first time a blockchain settlement firm has obtained this designation from U.S. regulators. This clears the path for on-chain equities settlement to operate within the regulated U.S. market structure, with significant implications for post-trade infrastructure.
DTC tokenization service to add Stellar as second public blockchain
The Depository Trust Company (DTC) has announced it will connect its tokenization service to Stellar as a second public blockchain by H1 2027, expanding beyond its existing chain and signaling that the world’s largest securities depository is building a multi-chain strategy for tokenized asset settlement. This is a major infrastructure commitment from the heart of U.S. market plumbing.
https://www.ledgerinsights.com/dtc-tokenization-service-to-add-stellar-as-second-public-blockchain/
Nium joins Circle Payments network
Nium and Circle have partnered to connect USDC stablecoin settlement with last-mile fiat payouts in over 190 countries, integrating stablecoin rails with Nium’s global real-time payments network. For treasury and cross-border payments teams, this combination of regulated stablecoin liquidity with local currency delivery represents a meaningful upgrade to correspondent banking corridors.
https://www.finextra.com/pressarticle/109961/nium-joins-circle-payments-network
Regulation & Policy
Press Release: FDIC Board Approves Proposal to Address Bank Secrecy Act and Sanctions Compliance Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers
The FDIC board has approved a proposed rulemaking to establish Bank Secrecy Act and sanctions compliance standards specifically for FDIC-supervised stablecoin issuers, proposing that such institutions pre-clear AML actions with FinCEN. This is the first U.S. bank regulator to propose a dedicated AML compliance framework for stablecoin issuers, and it will shape how banks structure any stablecoin programs going forward.
https://content.govdelivery.com/accounts/USFDIC/bulletins/41889d8
Piero Cipollone: Money in the digital age
ECB Executive Board member Piero Cipollone delivered a speech on ‘Money in the Digital Age,’ signaling continued ECB attention to how digital money — including stablecoins and the digital euro — is reshaping monetary architecture. Remarks from an ECB board member on this topic carry direct policy weight for European banks navigating MiCA compliance and digital euro preparations.
https://www.ecb.europa.eu//press/key/date/2026/html/ecb.sp260528_1~7bb2eecfe5.en.html
Sarah Breeden: Modernising money and markets
Bank of England Deputy Governor Sarah Breeden delivered a speech titled ‘Modernising Money and Markets’ at City Week 2026, outlining the BoE’s framework for how tokenisation and digital money fit within its financial stability mandate. This speech is essential reading for UK financial institutions planning tokenized deposit or stablecoin initiatives under the evolving regulatory perimeter.
https://www.bis.org/review/r260526b.htm
Research & Analysis
Project Agorá shows how tokenisation can improve wholesale cross-border payments; work will advance to real-value testing
The BIS has published the full results of Project Agora, its two-year collaboration with seven central banks and over 40 private institutions, demonstrating that tokenized wholesale cross-border payments can settle atomically in seconds while preserving settlement finality in central bank reserves. The project will now advance to real-value testing — a pivotal step that moves tokenized interbank settlement from proof-of-concept to pre-production validation.
https://www.bis.org/press/p260527.htm
Tokenized Money
Bank of Canada joins BIS Project Agorá to test improvements in wholesale cross-border payments
The Bank of Canada has formally joined BIS Project Agora, confirming its participation in real-value testing of tokenized wholesale cross-border payments. Canada’s entry into the real-value testing phase underscores the broadening central bank consensus that tokenized reserve money is a viable path to reforming correspondent banking infrastructure.