Written by James Smith (Head of Ecosystem) and David Walsh (Head of Enterprise) at the Ethereum Foundation.
The TLDR 👇
BNY Mellon forecasts digital cash (stablecoins, tokenized deposits, and money market funds) will reach $3.6 trillion by 2030, with stablecoins comprising $1.5 trillion of that total. The bank has launched the BNY Dreyfus Stablecoin Reserves Fund, a money market fund helping stablecoin issuers meet U.S. federal reserve requirements. Anchorage Digital provided the initial investment.
JPMorgan officially deployed JPM Coin (JPMD), a digital deposit token running on Coinbase’s Base blockchain, enabling 24/7 instant settlement for institutional clients. Unlike stablecoins backed by reserves, deposit tokens represent direct claims on existing bank deposits and can bear interest. This fundamentally restructures how banks intermediate digital value. The token will be accepted as collateral on Coinbase and the bank plans to expand to multiple currencies pending regulatory approval.
A+ has launched a multi-party issued stablecoin under the ticker $USDA+, enabling banks and regulated financial institutions to join a global network infrastructure and issue Genius Act-compliant stablecoins. The platform is now accepting applications from institutions seeking to participate in the network. Financial institutions can join the waitlist at aplusprotocol.com.Visa now supports stablecoin payouts for creators in new ‘breakthrough’ pilot
Visa pilots direct USDC payouts to creators, bypassing traditional banking rails entirely. The program targets the $250 billion creator economy, where payment delays and cross-border fees consume 5-15% of earnings. Initial partners include major streaming platforms and content marketplaces.Japan’s Three Megabanks Unite on Cross-Border Stablecoin Under FSA Innovation Framework
This marks Asia’s first coordinated megabank digital currency initiative.MUFG, SMBC, and Mizuho launched Project Pax, designated a “Payment Innovation Project” by Japan’s Financial Services Agency, to create a joint stablecoin for international corporate payments. Central Banks of England, Thailand and Singapore to Explore Synchronised FX Settlement
The Bank of England, Monetary Authority of Singapore, and Bank of Thailand announced a collaboration to explore synchronized foreign exchange settlement mechanisms across borders. The initiative will test atomic, real-time FX transactions that are fast, secure, and interoperable across diverse systems, leveraging simulated versions of Real Time Gross Settlement systems and DLT-based settlement environments.
Singapore’s Monetary Authority (MAS) announced plans to introduce comprehensive stablecoin legislation and trial tokenized MAS bills with CBDC settlement in 2026. The framework emphasizes sound reserve backing and redemption reliability, with MAS launching the BLOOM initiative to support trials of tokenized bills and regulated stablecoins for settlement
Citi is tackling cross-border payment fragmentation by modernizing infrastructure, integrating instant payment schemes, and partnering with Dandelion to expand reach into digital wallets pymnts. Despite progress in speed, cost and transparency, cross-border payments remain fragmented due to differing regulations, liquidity constraints and incompatible domestic payment systems.
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