Stablecoin Race Heats Up Among Banks and Payment Firms

Traditional finance institutions across the US, Europe and Asia are moving into stablecoins now that regulatory uncertainties are easing.

Payment companies like PayPal, Mastercard and Visa are either launching stablecoins, integrating stablecoin settlement into payment systems or building the infrastructure to support them.

The race is not limited to corporations but is also developing at the banking level. In early October, a group of major international banks, including Goldman Sachs, Deutsche Bank, Bank of America, BNP Paribas and Citi, formed a…