Which Banks Are Using Stablecoins in 2026? From JPMorgan to BofA

[[Key]]

• The GENIUS Act, signed July 18, 2025, gave US banks a federal license path to issue payment stablecoins.
• JPMorgan's JPM Coin (JPMD) is live on a public blockchain for institutional clients, but it is a tokenized deposit, not a stablecoin.
• Bank of America has committed to a stablecoin once rules allow, while Citi favors tokenized deposits and studies its own coin.
• Societe Generale already issues euro and dollar stablecoins, and Standard Chartered's Hong Kong venture holds one of the first issuer licenses.
• Bank token networks stay closed to outsiders, so fintechs and neobanks reach stablecoin rails through licensed infrastructure partners.

[[/Key]]

Three years ago, a bank announcing a stablecoin would have triggered a supervisory phone call. In 2026, the list of banks using stablecoins or building them reads like a roster of the world's largest institutions. JPMorgan, Bank of America, Citi, Societe Generale, and Standard Chartered all have live products or public commitments.

The GENIUS Act, signed in July 2025, turned stablecoins from a reputational risk into a regulated product line.

This guide maps each major bank initiative, separates true stablecoins from tokenized deposits, and explains what the shift means if you run a neobank, remittance app, or payroll platform.

The GENIUS Act, signed into law on July 18, 2025, created the first US federal framework for payment stablecoins. It requires full reserve backing in cash and short-term Treasuries, monthly reserve disclosures, and Bank Secrecy Act compliance, and it allows subsidiaries of insured banks to become licensed issuers.

Before the law, banks kept blockchain work inside private pilots because public issuance had no federal rulebook. The Senate passed the bill 68 to 30, the House followed 308 to 122, and the GENIUS Act became Public Law 119-27 the next day.

The prize kept growing while banks watched from the sidelines. Total stablecoin supply reached an all-time high of $320 billion in May 2026, according to CoinDesk Research.

JPMorgan piloted JPMD, a US dollar deposit token, on the Base blockchain in June 2025 and rolled it out as JPM Coin for institutional clients on November 12, 2025. The token represents dollar deposits held at the bank and settles near-instantly, around the clock. It is live today, but only for institutions.

Kinexys, JPMorgan's blockchain unit, ran the June 2025 pilot with Mastercard, Coinbase, and B2C2 before the official November rollout on Base. Naveen Mallela, co-head of Kinexys, described the token as representing "dollar deposits held at JPMorgan, enabling near-instantaneous transfers."

The bank has since extended JPM Coin to the Canton Network and plans additional currencies pending regulatory approval. Note what JPMorgan did not do. It did not issue a stablecoin, because JPMD stays on the balance sheet as a deposit, preserving lending capacity inside a permissioned client network.

If you expected to settle your fintech's flows in JPMD, you cannot. It was never built for you.

Bank of America has publicly committed to issuing a stablecoin. CEO Brian Moynihan said in February 2025 that the bank would enter the business once Congress made it legal, and Congress did five months later. As of June 2026, the bank had announced no launch date.

Moynihan's original commitment was unambiguous. "If they make that legal, we will go into that business," he said, describing a fully dollar-backed Bank of America coin that would move alongside regular deposits. The bank has framed the delay around client demand and partnership decisions rather than regulation.

Moynihan also plays defense. In January 2026 he pointed to a Treasury estimate that up to $6 trillion in deposits could migrate to stablecoins if they are allowed to pay interest. Read both statements together and the strategy is plain. Bank of America wants to issue the product and cap its blast radius at the same time.

Citi operates Citi Token Services, a tokenized deposit platform connected to more than 250 banks across 40+ markets, and is evaluating its own stablecoin. CEO Jane Fraser said in October 2025 that the market has an overfocus on stablecoins and that tokenized deposits will solve most client needs.

Fraser confirmed on the bank's July 2025 earnings call that Citi is "looking at the issuance of a Citi stablecoin" alongside crypto custody services. Three months later she drew the sharper line, telling investors that "there's an overfocus on stablecoin at the moment" and that client needs are best served by tokenized deposits.

Her math is blunt. Fraser argued that only 6% of stablecoin activity is payments, and a cash-to-stablecoin round trip can cost 7%, a fee Citi Token Services avoids by keeping money in deposit form end to end.

Societe Generale issues two MiCA-compliant stablecoins through SG-FORGE, its regulated digital asset subsidiary. EUR CoinVertible (EURCV) launched in 2023, and USD CoinVertible (USDCV) followed in June 2025 on Ethereum and Solana, with BNY acting as reserve custodian. SG-FORGE calls itself the first global banking group to issue a public dollar stablecoin.

Both tokens are e-money tokens under MiCA, issued by an entity holding a French electronic money institution license. They are also genuinely in circulation. SG-FORGE deployed EURCV and USDCV on Uniswap and Morpho in September 2025 to build liquidity through public venues.

A conservative French universal bank currently runs the most complete public stablecoin program in global banking. That fact alone should retire the idea that stablecoins are fringe technology.

Standard Chartered formed Anchorpoint Financial, a joint venture with Animoca Brands and HKT, to issue a Hong Kong dollar stablecoin. In March 2026, the Hong Kong Monetary Authority granted Anchorpoint one of the city's first two stablecoin issuer licenses, selected from 36 applications.

Hong Kong's Stablecoins Ordinance took effect on August 1, 2025, and the HKMA moved deliberately before awarding the first licenses to HSBC and the Standard Chartered-led group. Anchorpoint plans a phased 2026 launch of HKDAP, its Hong Kong dollar token, distributed through authorized partners.

The lesson travels beyond Asia. Regulated bank stablecoins are a global race, not an American experiment, and the issuers willing to operate under the strictest regimes are moving first.

JPMorgan, Bank of America, Citigroup, and Wells Fargo were reportedly in early talks to launch a joint stablecoin, according to a May 2025 Wall Street Journal report. The discussions included Early Warning Services, the operator of Zelle, and The Clearing House. The talks were described as conceptual and subject to change.

CoinDesk's summary of the WSJ report framed the logic as defensive. The banks worried that wide stablecoin adoption, especially by technology firms or retailers, could erode deposits and payment volume, and a shared coin would let them respond at network scale.

Nothing here is a confirmed product. Any decision reportedly depended on the fate of stablecoin legislation and proof of demand. Treat the consortium as a signal of intent, not a roadmap.

Five major banking groups have live or committed digital money initiatives as of June 2026. Two issue true stablecoins today, two run tokenized deposit programs, and Bank of America has committed to a coin on its own timeline. The reported consortium remains unconfirmed.

A stablecoin is a bearer-style token backed by segregated reserves, redeemable at par, and able to circulate publicly. A tokenized bank deposit is a digital claim on a specific bank account that moves only inside that bank's permissioned network. JPM Coin and Citi Token Services are tokenized deposits. EURCV, USDCV, and HKDAP are stablecoins.

The difference decides who can build on what.

An open stablecoin moves wallet to wallet across institutions and borders. A deposit token never leaves the issuing bank's client perimeter, because the token is the deposit itself.

Banks prefer deposit tokens for a balance-sheet reason. Deposits fund loans, and a December 2025 Federal Reserve staff note argued stablecoins can reduce, recycle, or restructure bank deposits rather than simply drain them.

Bank adoption validates stablecoin rails without opening them. JPM Coin and Citi Token Services serve those banks' institutional clients, not third-party fintechs. A neobank, remittance app, or payroll platform that wants stablecoin settlement in 2026 still gets it through open stablecoins like USDC or USDT and regulated infrastructure.

First, the legitimacy debate is over. The institutions that spent a decade closing crypto-adjacent accounts now issue tokens themselves, a reversal worth remembering if your platform ever dealt with debanking and sudden account closures.

Second, bank rails will stay closed while consumer expectations move the other way. Wallets now hold balances, issue cards, and offer named accounts, and we have written about why wallets are becoming banks. Your users will compare you to those products, not to Kinexys.

Third, you do not need a charter to act. There is a working playbook for how neobanks increase profits using stablecoin rails through licensed partners. Transak, for example, holds money transmitter licenses in 11 US states for stablecoin payments and powers fiat-to-stablecoin flows for consumer products at scale.

Do not wait for a bank-issued coin to fix your settlement costs. List the corridors where you lose the most to FX spreads, cut-off times, or prefunding, then pilot a stablecoin rail on the single worst one this quarter. The banks' own roadmaps just confirmed the direction of travel.

Transak gives you the regulated path the banks are building privately, without waiting for their networks to open. One API connects fiat pay-ins and payouts to stablecoin rails, so a neobank can offer USD-denominated accounts, a remittance app can cut settlement from days to minutes, and a payroll or EOR platform can pay contractors in stablecoins while Transak carries the licensing and compliance load.

Talk to us today

Yes, by stated intent. CEO Brian Moynihan said in February 2025 that Bank of America would enter the stablecoin business once federal law allowed it, and the GENIUS Act passed in July 2025. As of June 2026, the bank had announced no launch date, citing client demand and partnership questions.

Societe Generale is the clearest case, issuing EURCV since 2023 and USDCV since June 2025 through SG-FORGE. Standard Chartered's Anchorpoint venture won a Hong Kong issuer license in March 2026, with launch planned the same year. JPMorgan and Citi run tokenized deposits, which are different instruments.

A December 2025 Federal Reserve staff note found stablecoins can reduce, recycle, or restructure bank deposits rather than simply drain them. Bank of America's CEO cited a Treasury estimate that up to $6 trillion could migrate if stablecoins paid interest, something the GENIUS Act currently prohibits issuers from offering.

No. JPM Coin (JPMD) is a tokenized deposit, a digital claim on dollar deposits held at JPMorgan that moves only within the bank's permissioned institutional network. A stablecoin is issued against segregated reserves and can circulate publicly across wallets and platforms. The two carry different reach and different counterparty exposure.