The Banks Have Stopped Watching Stablecoins And Started Claiming Them
A Morph “State of Stablecoins” report says stablecoins processed $33T in transaction volume in 2025, above Visa and Mastercard combined $25.5T. The article cites Open Standard’s planned Open USD launch in 2026, BNY’s custody support for Circle’s USDC, and Japan’s MUFG, SMBC, and Mizuho jointly issuing a stablecoin by FY2027.
How this was made
The 30-second read
Why it matters
The newest concrete facts are (1) Open USD consortium launch details and timeline, (2) BNY’s custody platform support for USDC with conversion and redemption instructions via Circle, and (3) Japan’s three megabanks’ joint stablecoin issuance plan with regulatory signaling.
Market read
Institutional stablecoin rails are expanding via major payments brands, asset managers, and regulated custody platforms, with launch timelines extending into 2026-2027.
What to watch
The piece lacks fee schedules, reserve economics, and contract terms; without those, traders may overestimate immediate earnings or market-share effects.
Background
Stablecoins have historically been viewed as crypto-native products, but the article argues banks are now moving into issuance, custody, and governance.
Ticker impact
The article says Visa is part of a 140+ company consortium launching Open USD, a new dollar-pegged stablecoin.
Moderate positive bias for sentiment, but no direct near-term earnings catalyst is quantified.
The piece is about consortium participation and product direction, not disclosed financial terms or immediate revenue impact for Visa.
Mastercard is named as a partner in the Open USD consortium launching a new dollar-pegged stablecoin.
Mild positive read-through; likely limited immediate price impact without quantified financials.
The article provides strategic details and a launch timeline, but no specific financial guidance or contract value for Mastercard.
American Express is listed among the consortium partners launching Open USD, a new dollar-pegged stablecoin.
Neutral-to-mild positive, driven by strategic positioning rather than near-term numbers.
The article frames competitive and strategic implications but does not provide measurable revenue or cost impacts for AXP.
BlackRock is named as a consortium partner launching Open USD, a dollar-pegged stablecoin.
Limited immediate price impact; more of a medium-term strategic signal.
The article does not specify BlackRock’s role beyond being a partner, nor does it quantify economics.
Japan’s MUFG is named as one of three megabanks jointly issuing a stablecoin under a trust structure.
Potentially positive for strategic positioning, but no direct US-listed ticker impact is quantified.
The article is specific about the initiative, but the ticker mapping for MUFG is not provided and the symbol may be uncertain.
SMBC (SMFG) is named as one of Japan’s three megabanks jointly issuing a stablecoin under a trust structure.
Likely sentiment-positive, but immediate trading impact is uncertain without financial terms.
The initiative is described, but the article does not provide measurable economics and the exact ticker symbol is not confirmed.
Mizuho is named as one of Japan’s three megabanks jointly issuing a stablecoin under a trust structure.
Small positive sentiment effect; no quantified impact in the article.
The article provides initiative details but no financial disclosures, and the exact ticker symbol is not confirmed.
Market effects
Could accelerate stablecoin adoption by banks, shifting competitive dynamics from crypto-native issuers toward regulated custody and governance stacks.
Japan’s coordinated megabank approach suggests a near-term regulatory and operational pathway for tokenized cash in that market.
A multi-institution consortium and major bank custody expansion may increase global liquidity and institutional comfort with stablecoin rails.
Counterpoint
Consortium governance and trust-structure execution may be slow, and the article’s competitive impact on Circle may not translate into measurable near-term volumes.
Key entities
- companyOpen Standard
Consortium-backed issuer expected to launch Open USD later in 2026 with no fees and no volume caps, per the article.
- bankBNY
Expands custody platform so USDC is supported, enabling institutional conversion and redemption through the bank.
- stablecoin issuerCircle
USDC is integrated into BNY’s custody workflow, per the article.
- bankMUFG
Named as one of Japan’s three megabanks jointly issuing a stablecoin under a trust structure.
- bankSMBC
Named as one of Japan’s three megabanks jointly issuing a stablecoin under a trust structure.
