Some of the world’s largest banks and fintechs are rushing to launch their own stablecoins, aiming to grab a slice of a cross-border payments market they expect will be redrawn by cryptocurrencies. Last month Bank of America signalled it was open to issuing its own coin, joining established payments providers such as Standard Chartered, PayPal, Revolut and Stripe in targeting a business dominated by cryptocurrency groups Tether and Circle.
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Banks and fintechs join ‘stablecoin gold rush’
“The other thing that’s driven it is there’s real volume,” he said. “Founders want to get a piece of it because they know they’re going to get stablecoin regulation and...
