Many large banks are integrating stabilization currency into payment, fund management and liquidation infrastructure. As institutions adopt warming, the focus of industry discussions is no longer on whether or not to stabilize the currency into traditional finance, but on how banks will access existing networks.

Scum and Melon in New York expand USDC services

This week, Standard Chartered Bank indicated that direct foundry and foreclosure services under the Circle flag would be provided to institutional clients. A few days ago, Melon Bank in New York also expanded its support for USDC to allow institutional clients to host, found and redeem through their infrastructure without having to build their own systems.

Both banks are of global system importance. Their actions show that some large financial institutions prefer to have access to a stable network of established sizes rather than issuing their own currency from zero.

Chainalysis predicts that by 2030, the stabilization currency annual settlement may rise to $10 billion. For banks, this means that the currency stabilization is shifting from the instruments of transactions in the encrypted market to the broader financial infrastructure.

The focus of competition shifts to networks and mobility

According to many industry sources, the value of a stable currency is not only in the currency itself, but also in the liquidity, banking relations and compliance channels around it.

Jeremy Allaire, Chief Executive Officer of Circle, also stressed this week, in response to the competitor OpenUSD, that USDC's position came from years of accumulated liquidity, banking cooperation and regulatory licensing. OpenUSD supports institutions such as Coinbase, Stripe and Beled.

Steakhouse Financial Partner Adrian Cachinero Vasiljevic states that any institution can issue a stabilization currency, but it is difficult for the token itself to produce real value if the use of scenes and network connections is lacking.

Euro stabilization in Europe

In Europe, financial institutions are trying to establish a stable currency network denominated in euros to reduce reliance on dollar-stable currency for the financial clearing of currency. At present, the dollar-stable currency still accounts for the vast majority of the total market value of the stable currency.

Qivalis, a group of 37 European financial institutions, is advancing the EuroOn-Chain (EUOC) currency stabilization project. According to Jan-Oliver Sell, the head of the agency, Europe does not lack a regulatory framework, and MiCA has provided clear rules, and what is lacking is sufficient liquidity in the euro chain.

He indicated that if the euro was not available and sufficiently liquid in the chain, the bank would continue to use the United States dollar-stable currency. Qivalis therefore advocates a shared network of institutions, rather than a single bank issuing its own euro stabilization currency.

Bank investment in connectivity.

Andrew MacKenzie, Chief Executive Officer of the British Stabilisation Currency Issuer, stated that the Bank is now concerned not only with digital assets per se, but with how to link the Stabilisation Currency to the traditional financial system for payment, fund management and settlement.

In his view, enterprises were generally more willing to settle in their own currency than to convert to United States dollars. This explains why the EUR CoinVertible of the French Bank for Recreation, the EURXT related to French agricultural credit and the Qivalis project are promoting non-dollar stabilization.

The industry view is that future stable currency competition does not necessarily depend on who issues it first, but more on who establishes a network that can be used in practice by banks, businesses and payment agencies.