Bank-issued stablecoins: who is building what

Banks are issuing stablecoins, but far fewer than the headlines suggest. As of July 2026 the list of banks with a live, regulated stablecoin in circulation is short; the list of consortium announcements and explorations is long. This page maps both, and marks the difference scrupulously, because the gap between “announced” and “issued” is where planning mistakes get made.

The map splits into four groups: banks with live tokens, banks with licenses and imminent issuance, consortium ventures with named entities and target dates, and joint explorations without either.

Live today: Societe Generale’s SG-FORGE

The clearest case of a bank actually issuing stablecoins is Societe Generale, through its regulated subsidiary SG-FORGE. Its euro token, EUR CoinVertible (EURCV), has existed since April 2023 and was upgraded to an e-money token under MiCA after SG-FORGE obtained electronic money institution approval. In June 2025 it added USD CoinVertible (USDCV), a dollar token launched on public networks, and the pair now trades on regulated European venues and on public exchange infrastructure. Reserves are tracked and published, and both tokens sit inside MiCA’s framework rather than beside it.

SG-FORGE matters beyond its size. It is the working proof that a global systemically important bank can issue compliant stablecoins in both euros and dollars under European rules, and it did so years before its peers moved past the press-release stage.

Licensed and imminent: Hong Kong’s first issuers

On 10 April 2026 the Hong Kong Monetary Authority granted the city’s first stablecoin issuer licenses under the Stablecoins Ordinance to HSBC and to Anchorpoint Financial, a joint venture backed by Standard Chartered. Both are expected to issue Hong Kong dollar denominated tokens from mid-2026. These are the first licenses under a regime that requires full backing, one-business-day redemption, and HKMA supervision, and they put two of the world’s largest trade-finance banks at the front of the queue in Asia’s most watched stablecoin jurisdiction.

Announced with an entity and a date: Qivalis

Europe’s banks answered the dollar-stablecoin question collectively. Nine banks unveiled a euro stablecoin consortium in September 2025; by December it had a name, Qivalis, a tenth member in BNP Paribas, and a target of launching a MiCA-regulated euro e-money token in the second half of 2026 under Dutch central bank supervision. By May 2026 Reuters counted 37 member banks from 15 countries, including ING, UniCredit, CaixaBank, BBVA, Danske Bank, DekaBank, and DZ Bank. The explicit motivation is European strategic autonomy in payments: nearly all stablecoin value today references the dollar, and the consortium wants a credible euro alternative before that becomes permanent. Whether 37 co-owners can move at market speed is the open question; the entity, regulatory route, and date are real.

Exploration without issuance: the G7 group and the US banks

Two further groups sit at the exploration stage. In October 2025, ten global banks including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, and BNP Paribas announced they were jointly exploring issuance of stablecoins pegged to G7 currencies, with reserves held one-to-one. And since May 2025 the largest US banks have discussed a joint stablecoin through their co-owned payment entities, a conversation that has so far produced no token.

What the US majors have committed to instead is telling: JPMorgan, Bank of America, and Citi plan a shared tokenized deposit network operated by The Clearing House, targeted for 2027. For most large deposit-taking banks, the calculus favors deposit tokens: they use the existing charter, keep the money on the bank’s balance sheet, and avoid a separate issuance regime. We map that side of the ledger in bank deposit tokens: who is building what, and the decision logic between the two forms in the tokenized deposits guide.

How to read the map

Three patterns stand out. First, live bank stablecoins today are European and Hong Kong stories, driven by MiCA and the Stablecoins Ordinance giving banks a clear rulebook to issue against. Second, consortium structure is the dominant model: banks prefer to share a token rather than let one competitor own the rail. Third, the stablecoin-versus-deposit-token fork is being decided bank by bank, and the largest US institutions have leaned toward deposit tokens while their stablecoin talks continue.

For anyone routing institutional payments, the practical consequence is fragmentation. A euro corridor might soon offer EURCV, a Qivalis token, and Circle’s EURC side by side, each with different reach, and none interoperable with the Hong Kong dollar tokens or with deposit-token networks. Picking one issuer means betting on its network; the pattern is familiar from why settlement networks do not talk to each other.

Where Frame fits

Frame is the settlement layer for global finance: one integration to orchestrate payments at scale across fiat rails, stablecoins, and tokenized deposits, with compliance enforced on every transaction and settlement in seconds instead of days.

Frame is rail-neutral, and within the stablecoin rail it is coin-neutral. As banks issue their own tokens, the routing question stops being “which coin do we adopt” and becomes “which instrument fits this payment, under this policy, in this corridor”. Frame’s Rules Engine evaluates every transaction against its governing policies, so a bank-issued euro token, a dollar stablecoin, a tokenized deposit, or a fiat rail can each carry the payments they are best suited for, with every settlement producing verifiable evidence that its conditions were met.

See how a rail-neutral settlement layer works: the Frame Blueprint.