
Stablecoins go mainstream: Why banks and credit card firms are issuing their own crypto tokens
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Stablecoins are seemingly everywhere, with Mastercard, Visa and JPMorgan all making recent moves in the crypto token space.
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4 min read
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cryptocurrency
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June 28, 2025
12:00 PM
CNBC
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Stablecoins are entering the main as Fortune 500 firms, Wall Street banks, and payment giants roll out their own crypto tokens
Circle’s explosive IPO, new partnerships from Coinbase and Fiserv, and legislative momentum in the Senate signal a shift toward real-world utility
Visa and MasterCard have also made recent moves on the stablecoin front
In this articlePYPLSHOPCOINCRCLVMAJPM your favorite stocksCREATE FREE ACCOUNTA $44 billion IPO
A Senate bill with bipartisan momentum
And now, a wave of Fortune 500 firms launching crypto tokens of their own
Stablecoins — once a niche corner of the cryptocurrency world — are entering the corporate and policy main, potentially reshaping how money moves in the United States and around the world. "Many of the users out there today are not aware of stablecoins, or not interested in stablecoins, and they should not be," said Jose Fernandez da Ponte, PayPal's SVP of blockchain, crypto and digital currencies. "It should just be a way in which you move value, and in many cases, is going to be an infrastructure layer. "For corporations, stablecoins are an opportunity to slash millions in transaction fees and turbocharge payment infrastructure with instantaneous settlement
Stablecoins 'mature'USDC issuer Circle's long-awaited public debut exposed a wave of pent-up demand for digital dollars as investors sent the stock soaring as much as 750% in June
Partnerships, and competition, quickly ed
Coinbase announced a deal with e-commerce platform Shopify to bring USDC payments to merchants
Payments firm Fiserv announced a stablecoin to pair with the 90 billion transactions it cesses every year. "We're entering the utility phase right now, where the nology has matured
It's gotten fast, it's gotten cheap," said Jesse Pollak, head of base and wallet at Coinbase. "It's gotten easy to use, and that's leading to real-world adoption across es and consumers. "Base is Coinbase's Ethereum layer-2 network, designed to make blockchain applications faster, cheaper, and more accessible to developers and users
Merchants are a particular focus for stablecoins, as payment cessing fees for these es totaled a record $187. 2 billion in 2024, according to the Nilson Report
Payment companies are looking to fend off potential disruption by stablecoin issuers
Stablecoins in paymentsMastercard this week announced support for four stablecoins on its Multi-Token Network
The private blockchain is targeted toward institutions and mises 24-hour settlement
Visa's CEO told CNBC the payment cessor is modernizing its infrastructure with the help of stablecoins. "Visa and MasterCard are leaning into the disruption," said Nic Carter, founding partner at Castle Island Ventures. "They're trying to disrupt themselves, so they seem to be ahead of the curve. "JPMorgan took a slightly different apach to the crypto token boom on Wall Street
The financial giant launched a token backed by commercial bank deposits rather than U
JPMorgan's Naveen Mallela, global co-head of Kinexys, the bank's blockchain unit, told CNBC the JPMD token would allow for round-the-clock settlement for institutional clients looking for faster, cheaper transactions while staying connected to the traditional banking system
The boom in crypto adoption on Wall Street is bolstered by growing support in Washington
The Senate passed its framework of rules for stablecoins, called the GENIUS Act
The bill includes guidelines for consumer tections, reserve requirements for issuers, and anti-money laundering guidance
Stablecoins and other cryptocurrencies have faced criticism for their use in illicit activity, and some Democrats argue the bill doesn't do enough to address those concerns
Those lawmakers also argue the bill doesn't curtail conflicts of interest, including the recent launch of a stablecoin tied to President Donald Trump through World Liberty Financial
The crypto-focused firm run by his family is behind the dollar-pegged token USD1
When asked Trump's ties to crypto jects in his name, the White House told CNBC there are no conflicts of interest and the president's assets are in a trust managed by his children. "I think it was a mistake for Trump to have a Trump-affiliated DeFi ject issue a stablecoin
I think that really set back his stablecoin legislative agenda," Carter said. "I think we could do it a lot more in terms of tackling these conflicts of interest
And I completely understand the Democrats when they try and weed this out. "Watch the above to learn why corporate giants are racing to launch their own crypto tokenswatch nowwatch now12:41Sen
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