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Hello fintech friends,
This week, a syndicate of 21 global banks and asset managers committed to issuing a stablecoin from their own dedicated stablecoin company in H2 2026, with a market launch planned for H1 2027. The group includes Bank of America, Capital One, Citi, Fidelity, Goldman Sachs, and more.
Many of these same banks have spent the past two years lobbying against stablecoin legislation in the GENIUS and CLARITY Acts.
In theory, these banks plan to launch USD-denominated stablecoin first and then expand into other G7 fiat currencies, prioritizing a EUR-denominated stablecoin.
The announcement was light on details: Will banks work from their own tech, or partner with stablecoin-as-a-service white label issuance providers?
One thing is certain: This will be a big topic of conversation at Stablecon in DC this week.
If you’re behind on what’s happening in the ecosystem, check out our latest State of Stables report which dropped this week with Artermis, covering the fast-growing LatAm stablecoin ecosystem, the Payward / Reap acquisition, and more:
- Nik
The Rundown
🏦 Financial Services & Banking
Visa and Mastercard carried out their first international card transactions in Syria, just days after Washington dropped the country from its state sponsors of terrorism list.
Citi joined 16 other global banks in piloting live transactions on Swift's new blockchain-based shared ledger.
The SEC pushed investment firms marketing exposure to hot pre-IPO startups to substantiate that they actually hold the shares they claim.
Visa rolled out an upgraded A2A Protect tool, adding a unified fraud score built on its Featurespace acquisition to help banks catch account-to-account fraud.
🚀 Product Launches
Rocket Money launched Rowan, an AI-powered personal finance agent that monitors spending, renegotiates bills, and manages subscriptions.
Airwallex’s T:0 exited private beta to introduce its real-time, AI-driven accounting platform.
Euroclear and HSBC partnered to launch AutoFX, a service that automates foreign exchange execution directly within cross-border securities settlements to aid the market transition to T+1 cycles.
Aleta issued limited-edition Hello Kitty Visa debit cards featuring exclusive rewards and customized perks to appeal to fans and collectors.
Vertice AI introduced OPTIMIZE, an automated marketing campaign tool.
Lumin Digital unveiled the M&A Readiness Advantage, designed to guide financial institutions through every phase of acquisition.
💸 Other News
High-speed trading protocol Hyperliquid entered talks with Payward (Kraken's parent) about a possible push into the US market.
Block opened up its proprietary Cash App credit score to outside lenders through a new Nova Credit partnership, giving lenders a near-real-time read on borrower cashflow.
Revolut moved past a major obstacle in its bid for a US national bank charter, keeping it on track toward its long-planned 2027 US bank launch.
Singapore's central bank pledged S$220 million over three years to its fintech sector.
X switched its US creator payouts from Stripe over to its own X Money service in order to give creators instant earnings instead of biweekly transfers.
Amazon's Rufus gained the ability to tell users whether a suspicious text or email claiming to be from Amazon is a scam.
😞 The Bad News
Jack Henry refused to pay the hackers behind a data breach at the core banking provider, after ShinyHunters stole personal information tied to its financial institution clients. The hackers' deadline then passed without the stolen data appearing.
Upcoming Events
Have a great Labor Day Weekend! - Nik
