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.
Their enthusiasm has been fuelled by growing acceptance among regulators around the world that stablecoins, designed to hold a constant value of a dollar per coin, could become a more accepted part of the financial system.
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