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,

Mastercard joined Paxos’ Global Dollar Network in June 2025 to enable stablecoin settlement across its merchant and payment rails, expanding support for PYUSD, USDC and FIUSD. Visa began settling USDC on Ethereum in 2021 and extended that to Solana in 2023, allowing processors such as Worldpay and Nuvei to settle obligations directly in stablecoin rather than by wire.

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In France, Société Générale’s digital asset arm, SG-Forge, has issued EURCV and USDCV, with custody handled by BNY Mellon. Germany’s AllUnity, a joint venture between DWS, Deutsche Bank, Galaxy and Flow Traders, has

Clearer regulation has opened the door for TradFi entities to enter the market with centrally managed stablecoins and bank-issued deposit tokens. These instruments are being integrated into their existing payment networks, settlement systems and corporate flows.

As a result, stablecoins are increasingly functioning as operational payment and settlement infrastructure across consumer payments, institutional transfers and cross-border transactions.

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