This Week in Stablecoins: Banks, Card Networks and FinTechs Push Programmable Dollars While Crypto Markets Sell Off

Crypto markets are getting whipsawed again, but stablecoins keep attracting fresh infrastructure bets from banks, card networks, FinTechs and crypto-native firms. For high-risk PSPs, the signal is simple: the conversation is moving from speculation to settlement, and the people building payment rails are now treating programmable dollars as something they need to either control or defend against.

1. Digital asset treasury companies are taking the hit from the latest crypto drawdown even harder than the underlying tokens they were meant to hold. Shares of several publicly traded bitcoin treasury companies have fallen by more than 80%, with Nakamoto down almost 100%, Twenty One Capital down 84% and Metaplanet down more than 80%.
2. Stablecoins, by contrast, are being discussed less as a trading asset and more as payment plumbing. The past week brought a cluster of moves from banks, card networks, FinTechs and crypto-native firms that point to growing investment in how programmable dollars move across networks where timing, liquidity and operational efficiency matter.
3. One of the clearest signals came from a consortium of major banks launching a tokenized deposit network designed to counter the rise of stablecoins. The move is a direct acknowledgment that stablecoins are now seen as a competitive threat, not just a crypto niche, and it shows traditional finance is treating programmable money as a business line worth defending.
4. MoneyGram launched its own stablecoin on Tuesday, June 2, as part of its blockchain payments infrastructure buildout. On Wednesday, June 3, Revolut’s reported plan to offer stablecoin access to banking customers in the United States pointed in the same direction: FinTechs are increasingly using digital dollars to deepen customer engagement while bypassing parts of the traditional banking stack.
5. Mastercard, Visa and Stripe are also backing a stealth stablecoin platform. On paper that is a hedge; in practice it is an admission that payment credentials, settlement mechanisms and merchant relationships are moving toward tokenized formats, and the big processors do not intend to watch that happen from the sidelines.

The banks’ tokenized deposit network is set to launch in the first half of 2027, with JPMorganChase, Bank of America, Citi, Wells Fargo and other major commercial banks involved. For PSPs, acquirers and banks working in high-risk verticals, that timeline matters: settlement infrastructure is being redrawn now, while the market is still deciding whether stablecoins become embedded in existing payment systems or develop into parallel ecosystems.