June 2026: Banks, Neobanks and Fintechs Launch New Stablecoins

June 2026 produced a concentrated wave of stablecoin launches from US national banks, European and Japanese bank consortia, AI-native fintechs and neobanks within a 30-day window. Issuers cited the GENIUS Act’s July 18 federal rulemaking deadline as the reason for accelerated timing. Some products were built to meet the Act’s no-yield requirements; others were structured outside US regulation to preserve yield and DeFi compatibility.

US-chartered banks and state-licensed issuers launched GENIUS Act-aligned payment stablecoins that hold high-quality liquid assets, use insured deposits and submit regular reserve attestations. SoFiUSD, issued by SoFi Technologies in partnership with Paxos under SoFi’s national bank charter, integrates into SoFi’s consumer app, holds US Treasuries, repurchase agreements and FDIC-insured deposits, and pays no yield. USAT, issued by Revolut’s US banking entity with Anchorage Digital custody, uses US Treasuries and FDIC-insured deposits in an OCC-chartered trust structure, carries monthly attestations and pays no yield while leveraging Revolut’s existing user base for distribution.

A separate cohort of products operates outside the GENIUS Act framework and offers yield or DeFi composability. Plasma One, a consumer product from British neobank Plasma built on USDT and backed by ecosystem partners, offers zero-fee USDT transfers, a Visa card with up to 4% cashback and reported yields above 10% from network incentives; it is not a regulated bank product. USD1, issued by World Liberty Financial, reached roughly $2 billion in supply within weeks of launch and supported large institutional transactions while remaining interoperable with DeFi protocols.

Institutional settlement projects and bank consortia advanced non-USD and multi-corridor use cases. RLUSD, a USD-backed token operating on the XRP Ledger and Ethereum, was embedded into regional payment networks to support high-volume remittance and merchant flows. EUR.BANK, developed by BANCOMAT with nine Italian banks, targets a July 2026 pilot under the EU’s MiCA framework and will use euro deposits at licensed Italian banks for reserves. Japan’s MUFG, SMBC and Mizuho signed a memorandum to issue a yen-pegged stablecoin via MUFG’s Progmat platform, targeting corporate transactions by March 2027 with reserves held in segregated yen deposits and oversight by Japan’s Financial Services Agency.

MainUSD, issued by Mosta in partnership with Brale, targets global businesses and autonomous AI agents for instant settlement and will hold reserves in high-quality liquid assets through Brale’s regulated structure.

Reserve arrangements and regulatory approaches differ by issuer type: US bank-chartered and OCC-trust-backed tokens use US Treasuries, insured deposits and attestations and do not pay yield; European and Japanese bank consortium projects plan to hold fiat deposits under MiCA or FSA frameworks; non-US or non-bank products rely on existing stablecoin reserves or ecosystem incentives and often offer yield while remaining outside the GENIUS Act framework.