Banks and Payment Firms Rush to Build Stablecoins Amid Digital Settlement Contest

The financial industry is witnessing a significant shift as banks and payment companies explore the use of stablecoins for digital settlement. Revolut has already introduced EURR, a seven-day Ethereum-based stablecoin, in Denmark, Poland, and Portugal.

Visa is testing its own seven-day stablecoin settlement, which will support regulated stablecoins backed by major currencies such as the US dollar and euro tokens.

JPMorgan has been assessing whether to issue a stablecoin but currently has no active product underway. Its existing JPM Coin remains a tokenized deposit for institutional clients.