14 Companies Launching Their Own Stablecoins

Amazon – Stablecoin (TBD)

Amazon hasn’t announced plans for a stablecoin, but according to The Wall Street Journal, it is exploring the idea of issuing its own digital dollar. One factor driving this consideration is the cost of interchange fees.

Every time someone checks out using a Visa or Mastercard on Amazon, a portion of the payment is deducted for bank and network fees. If Amazon could issue a token usable across its entire ecosystem, from Prime subscriptions to Whole Foods, it could reduce costs and foster a stronger relationship with customers.

If launched, its stablecoin could find immediate use in micro-rewards, in-app payments, and direct merchant settlements.

Walmart – Stablecoin (TBD)

Walmart’s interest in digital currency isn’t new. It filed a patent in 2019 for a digital coin pegged to the US dollar. That effort cooled, but 2025 brought renewed attention. According to PaymentsJournal, Walmart is now evaluating the integration of a store-branded stablecoin into its payment infrastructure.

Unlike Amazon, Walmart has confirmed it’s not yet testing a pilot, but hasn’t ruled out future developments. The motivation is similar: reduce third-party payment costs, offer faster settlement for suppliers, and add utility to its massive digital wallet user base, especially among underbanked communities.

Circle – USD Coin (USDC)

Circle launched USDC in 2018 to offer a stable, regulated digital dollar. Backed one-to-one with US dollars and short-term treasuries, USDC is issued across several blockchains, including Ethereum and Solana. Circle reports reserve data monthly and works with auditing firms to maintain transparency. It’s considered one of the more compliant options, especially after the firm filed to go public in mid-2025.

At the time of writing, USDC has roughly $63 billion in circulation. Institutions and exchanges often use it for cross-platform transfers and dollar settlements. Circle’s approach combines regulatory alignment with broad technical availability. Its partnerships with firms like Visa and BlackRock further solidify it as a mainstream financial infrastructure. As US lawmakers advance stablecoin legislation, Circle finds itself in a strong position, already operating at a scale that few competitors can match.

Bank of America, Citigroup, Wells Fargo & JPMorgan – Joint Stablecoin Venture

Though JPMorgan already runs JPM Coin for internal settlement, it’s now joining forces with three other major US banks to explore a new shared stablecoin. This venture, first reported in May 2025, aims to provide a regulated alternative to Circle’s USDC or Tether’s USDT.

The token would be jointly governed and possibly issued under a single trust structure. All four banks—JPMorgan, Bank of America, Wells Fargo, and Citi—are reportedly involved in creating standards for compliance, redemption, and issuance.

If successful, it could become the most institutionally backed stablecoin project in the US.

BBVA – Stablecoin (TBD)

Spanish banking group BBVA is preparing a 2025 pilot for a fiat-backed stablecoin, using Visa’s new Tokenized Asset Platform (VTAP). The program will test real-world payments among a selected group of users. The bank hasn’t yet confirmed if the stablecoin will be euro- or dollar-pegged, but early reports suggest it may offer both.

BBVA views stablecoins as a faster and more flexible means of settling transactions across its retail and corporate divisions, particularly for cross-border trade in Latin America and Europe.

Société Générale – USD CoinVertible

Société Générale’s digital asset unit, SG-FORGE, is preparing a dollar-pegged stablecoin under the brand CoinVertible. The firm has already issued a euro version, and this new token will target cross-border settlements between euros and dollars. It is being designed to comply with the European Union’s MiCA legislation, which takes full effect in 2026. Reserves will be held by a custodian, BNY Mellon, and token issuance will occur under a regulated framework.

Unlike open stablecoins such as Tether or USDC, CoinVertible is tailored for institutional use. It enables the on-chain transfer of money with off-chain legal protections, including redemption rights and bankruptcy segregation. SG-FORGE expects that this will help companies settle invoices, payrolls, and securities transactions more efficiently.

While its circulation remains limited for now, CoinVertible signals how traditional banks may blend regulatory compliance with blockchain flexibility over the coming years.

Revolut – Stablecoin (TBD)

Revolut has hinted at its stablecoin ambitions for over a year. The fintech company applied for crypto licenses in several regions in 2024 and reportedly began building infrastructure for a USD-pegged token in early 2025.

Its coin would allow peer-to-peer transfers, international remittance, and possibly cashback features. With over 30 million users globally, Revolut has the scale to give its stablecoin meaningful reach if and when it launches.

Fiserv – FIUSD (Planned)

Fiserv, a payments and banking infrastructure company, announced plans to launch its stablecoin, FIUSD, in mid-2025. The company processes trillions annually and supports thousands of banks and financial service providers. FIUSD will be backed one-to-one with dollars and is expected to use blockchain infrastructure developed in partnership with Circle and Paxos. The company has not yet confirmed which blockchain it will use, but Ethereum is a likely choice. The coin will support real-time settlements, particularly for small banks and credit unions that use Fiserv’s core systems.

Unlike consumer-facing stablecoins, FIUSD is designed for back-office and institutional clearing. Its goal is to improve speed and reduce reconciliation overhead in traditional banking rails. With OCC Letter 1184 confirming custody permissions for banks, Fiserv’s customer base now has more regulatory clarity. If launched on time, FIUSD may become the default token for mainstream banking APIs.

Paxos – Pax Dollar (USDP)

Paxos launched USDP (formerly PAX) in 2018, designing it from the ground up for compliance. It operates on Ethereum and is backed one-to-one with cash equivalents, held in US bank accounts. Paxos was the first crypto firm to secure a limited-purpose trust charter from the New York Department of Financial Services. This makes its stablecoin one of the few legally approved instruments for regulated financial institutions.

The firm plays a growing role in behind-the-scenes infrastructure, offering tokenization and settlement services to other financial players. USDP remains relatively modest in market cap but stands out for reliability. With rising institutional interest, Paxos has positioned itself as a white-label stablecoin engine for future fintech or bank-led launches.

PayPal – PayPal USD (PYUSD)

PayPal USD launched in August 2023, making PayPal the first prominent fintech to issue its own US dollar stablecoin. Issued on Ethereum, PYUSD is fully backed by dollar deposits and short-term US Treasuries. Paxos manages the reserves, while PayPal handles distribution and wallet integration.

With over 400 million active users worldwide, PayPal has the network and brand recognition to move PYUSD into daily use. The token supports peer-to-peer transfers and is already accepted by some merchants in the PayPal ecosystem. PayPal is also working on integrations for Venmo and merchant APIs.

In its early stages, PYUSD has maintained a modest market cap compared to its competitors. But with regulation catching up and lawmakers encouraging fintech participation, PayPal’s early entry may give it a long-term edge in consumer payments and digital finance.

World Liberty Financial – USD1

World Liberty Financial debuted USD1 in early 2025 as part of a broader push to connect political backing with blockchain liquidity. The firm is aligned with pro-crypto political figures in the US and aims to appeal to a base interested in decentralized financial tools.

USD1 is issued on Ethereum and pegged one-to-one with the US dollar. It holds reserves in FDIC-insured banks and publicly shares monthly reserve statements. As of July 2025, its supply stands at around $2.2 billion. Despite its smaller size, USD1 has garnered attention due to its association with high-profile campaigns and extensive media coverage. The company markets USD1 as a parallel alternative to government-backed tokens, such as a potential digital dollar.

Whether USD1 can maintain momentum depends on adoption by platforms and further regulatory acceptance. It’s still early days, but it’s one of the few politically linked stablecoins in circulation.

Why Are Corporations Embracing Stablecoins?

More companies are launching their own stablecoins to gain control, speed, and cost advantages.

A standard credit card transaction can take 48 hours to settle and passes through a chain of intermediaries, each taking a cut. For a company processing billions in payments, those fractions of a percent become enormous. Stablecoins enable companies to settle instantly, 24/7, with lower transaction fees and no geographic limitations.

Regulatory progress is another key driver. The US OCC clarified earlier in 2025 that national banks can issue stablecoins under certain conditions. OCC Letter 1184 provides banks with a clear checklist, encompassing asset backing, liquidity management, and consumer protections. It doesn’t greenlight every token project, but it informs banks of the required standards.

In Europe, the Markets in Crypto-Assets (MiCA) framework has come into effect, with rules governing the issuance, reserves, and reporting of crypto-assets. That’s why Société Générale was able to move ahead with EURCV. Banks that meet the criteria can launch coins without waiting for national legislation.

Closing Thoughts

Stablecoins now sit at the intersection of banking, tech, and consumer finance. They’re tools for compliance, liquidity, and programmable settlement. Because they are versatile, stablecoins are attracting many buyers and creators.

And for the first time, they’re being built not just by startups, but by the companies that already run global payments, cloud servers, and shopping carts.

Soon, more coins will launch, more banks will experiment, and the meaning of “digital dollar” will continue evolving.

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