JPMorgan, Citi, and Big Banks Are Building Their Answer to Stablecoins
Hey Payments Fanatic!
For years, banks have watched stablecoins grow from a niche crypto experiment into a multi-hundred-billion-dollar market.
Now they're responding.
JPMorgan, Citi, Bank of America, Wells Fargo, and other major U.S. banks are reportedly working on a shared tokenized deposit network that would allow money to move across blockchain infrastructure with real-time, 24/7 settlement.
What makes this interesting is that the banks aren't trying to become crypto companies.
They're trying to bring some of the advantages of stablecoins into the existing banking system.
Unlike stablecoins, tokenized deposits remain bank deposits. They sit inside the regulated banking framework, carry the same accounting treatment, and keep customer funds within the banking system.
The timing is hard to ignore.
As stablecoins gain regulatory clarity and attract growing institutional interest, banks are increasingly being forced to answer a simple question: if money can move instantly on-chain, why should payments still depend on banking hours?
This feels less like a crypto story and more like the next chapter of payment infrastructure.
And if you keep scrolling, you'll also find our latest roundup of how payments companies performed last week.
Today's remaining Payments headlines are just below. 👇 See you tomorrow!
Cheers,
HOW PAYMENTS COMPANIES PERFORMED LAST WEEK
📈 Here’s how listed Payments companies performed over the past week:
NEWS
🇺🇸 Airwallex has acquired Leapfin, a financial data automation platform specializing in revenue recognition and reconciliation. The acquisition expands Airwallex’s financial lifecycle capabilities, helping businesses automate accounting workflows and streamline the transition from transaction data to GAAP-ready financial reporting.
🌍 Triple-A has launched Multicurrency Accounts with direct access to stablecoin rails, allowing businesses to collect EUR via SEPA without setting up a local entity, and pay out in stablecoins or local currencies across 70+ countries from a single system. Continue reading
🇺🇸 PaidBy by Xryma and Mastercard form a strategic partnership to expand cross-border account-to-account payments. The collaboration combines Mastercard’s Open Finance connectivity with PaidBy’s orchestration and settlement infrastructure, initially extending real-time A2A payment capabilities across Europe and the UK.
🌍 Mastercard expands Offers Network in Asia, enabling banks to deliver merchant-funded offers directly within their digital banking apps. The platform connects banks and merchants through transaction-linked rewards and performance measurement based on actual purchases, as Asia-Pacific continues to lead the global digital payments market.
🇺🇸 JPMorgan, Citigroup, and other major U.S. banks plan to launch a tokenized deposit network in 2027 through The Clearing House. The platform will enable blockchain-based, 24/7 settlement of tokenized deposits and is intended to help banks compete with the growing adoption of stablecoins. Continue reading
🌍 Flutterwave has partnered with Tempo to expand stablecoin settlement options for cross-border payments across Africa. The integration will support wallet-to-wallet stablecoin transfers through Flutterwave’s platforms, helping businesses and individuals move money across corridors more efficiently. Read more
🇺🇾 Mercado Pago has launched four new products in Uruguay: daily returns on digital account balances, an international prepaid Mastercard, the Point Smart POS terminal for merchants and small businesses, and Meli+, a subscription program offering benefits for frequent Mercado Libre shoppers.
🇨🇦 Neo Financial has launched four new credit cards for Canadian consumers across its Neo World and Neo World Elite Mastercard lineups. The new Shop & Dine and Everywhere options complement its existing Gas & Grocery cards, while allowing customers to switch rewards categories every 90 days.
🌍 Kraken and Tempo partner to provide payments companies, neobanks, and stablecoin issuers with access to liquidity, custody, listings, and fiat on/off-ramps through a single institutional relationship. The partnership also brings native support for Tempo-based USDT0 and USDC.e transfers on Kraken.
🇺🇸 Google announced new Google Wallet and Google Pay features, including the expansion of digital ID capabilities in Europe and a direct checkout experience that brings payment credentials from Google Wallet directly to merchant checkout pages for faster and more secure transactions.
🌍 Klarna launches in-app inbox to help consumers avoid scams. The Klarna Inbox is an industry approach that expands on existing anti-fraud communication features by compiling both physical and digital messages into one easy to verify source of truth. The feature is currently live in the Klarna app in all markets.
🇺🇸 Repay has completed its $372 million acquisition of Kubra Data Transfer, expanding its customer engagement and payments capabilities. The deal will connect Kubra’s experience platform with Repay’s payments engine through unified APIs and phased platform enhancements. Read more
🇺🇸 Dakota is launching a self-service registration system for its stablecoin infrastructure platform, expanding the possibilities for building a FinTech company. According to Dakota, what used to take months and millions of dollars in licensing, banking partnerships, custody, and compliance can now be achieved with far lower costs and in a matter of weeks.
🇬🇧 UK seizes payments firm Euro Exchange on laundering concerns. The UK’s Financial Conduct Authority has seized the company and is seeking to place the company into special administration. The regulator cited concerns over potential money laundering links, high-risk customers, and possible widespread breaches of anti-money laundering rules.
🇺🇸 Cash App introduces Cash App Tags, NFC-enabled payment accessories linked to the Cash App Visa Card that allow customers to make contactless payments without a phone or wallet. The first edition, the Cash App Wand, is available in a limited release for eligible Cash App Card holders.
🇳🇱 Shares of Adyen fell sharply after Cleveland Research Company raised concerns about the payment processor’s market share, margins, and growth prospects. Trading was briefly halted as the stock dropped as much as 14%, before recovering to close down 8.9%.
🇦🇪 HashKey MENA has partnered with Aptos and Daya to pilot a regulated stablecoin payment corridor between the Middle East and Africa. The initiative aims to support faster cross-border B2B settlements by connecting local currency payment rails, stablecoin infrastructure, and compliant on- and off-ramp services across key markets.
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