Digital asset infrastructure provider Stablecore has joined forces with two U.S. federal credit union organizations to launch a program intended to help the small lenders evaluate stablecoin, tokenized deposit and digital asset products as adoption grows. Together with Circuit, a research and development Credit Union Service Organization (CUSO) and Curql, a fintech investment organization with more than 160 credit union members, Stablecore’s initiative will allow participating credit unions to test and offer stablecoin and digital asset services. These include stablecoins, tokenized deposits, Bitcoin, on and offramps, and staking, among other things. The program will provide education to both staff and members of credit unions, in order to prepare them for…
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Citigroup, JPMorgan Chase Launch Tokenized Deposits
16 banks join forces to fight stablecoins’ ability to poach savings accounts
A group of America’s biggest banks are launching tokenized deposits in order to stave off the threat that stablecoins will poach depositors. Bank of America, Citigroup and JPMorgan Chase are among the 16 major banks that have joined forces with The Clearing House to build a tokenized deposit network to enable 24/7 blockchain-based settlement of bank deposits. Banks have been running scared that depositors will turn to stablecoins like Circle’s USDC and Tether’s USDT instead of bank accounts to save their money, particularly if they are able to earn interest (or yield) on their stablecoin savings. Banks have been working to try and ban such yield offerings. The new initiative…
