Stablecoin

New Jersey-based Provident Bank promoted Annamaria Vitelli to chief wealth officer and president of the bank's wealth management subsidiary; U.S. Bancorp completed its acquisition of the global investment bank BTIG on June 1; Centier Bank has been honored with the Indiana Bankers Association's Commitment to Community Award; and more in this weeks banking news roundup.

In a sea of coins, the transfer firm's CEO says that by working with partners to build its own branded coin, it can control more of the related products and lower costs.

Federal Reserve Bank of Minneapolis President Neel Kashkari said in a speech Tuesday morning that he doubts the usefulness of stablecoin technology in payments and its ability to expand the reach of the U.S. dollar, a perspective that contrasts with many crypto boosters in the Trump administration.

The companies are connecting their tools in an effort to streamline the complexities involved in payments that use digital assets and advanced artificial intelligence.

Block's CEO is more bullish on bitcoin, but stablecoins add another option for the payment company's users to build their spendable balances while furthering the company's super app ambitions.

The digital bank made its SoFiUSD stablecoin available to all members on Wednesday and plans to launch tokenized deposits in the near future.

Even after the passage of federal legislation governing stablecoins, the card network is covering its bases as it pursues more digital asset products.

The crypto exchange, which closed its original direct deposit service in late 2024, has brought it back for users to set up automated digital asset investing.

A proposal from the Federal Deposit Insurance Corp. would require the agency to notify Treasury's Financial Crimes Enforcement Network 30 days prior to major anti-money laundering actions against stablecoin issuers. The rule would also allow issuers to directly share normally confidential information with Fincen during the enforcement process.

Like most payment companies and banks, the stablecoin firm is lining up a suite of services for demand that hasn't quite materialized, but likely will – in some form.

Upon receiving a conditional U.S. charter approval, 25-year-old CEO Ferdinand Dabitz is assembling a team of industry experts to build a new kind of bank.

Bank trade groups should be content with the compromise hammered out in the Senate Banking Committee over the stablecoin yield ban in the CLARITY Act. Their push to defeat the bill could leave them worse off in the long run.

Senate Banking Committee Chairman Tim Scott, R-S.C., flatly denied multiple pleas from Democrats to consider their amendment to a crypto market structure bill being marked up in the committee Thursday that would make banking industry-favored changes to the yield provision. The committee passed the measure in a 15 to 9 vote.

Lawmakers are moving toward a compromise that would ban yield payments on stablecoins, but allow other rewards. The distinction is functionally meaningless, and leaves small banks in danger of losing deposits.

Amendments to a long-awaited crypto market structure bill slated to be marked up in the Senate Banking Committee Thursday would force lawmakers to vote for or against the banking industry's desired changes to the legislation.

The community bank trade group says crypto firms are combining stablecoin rules, Fed master account access and trust charters to replicate banking without bank rules.

Banks continue to push back on what they describe as insufficient protections against stablecoin yield as the Senate Banking Committee is poised to mark up its long-awaited crypto market structure bill this week.

Public comments on the Office of the Comptroller of the Currency's GENIUS Act implementing regulations highlighted the rift between banks and crypto firms over the permissibility of yield on stablecoin holdings, an issue that has stalled crypto market structure legislation for months.

Mainstream financial services firms moving into the crypto realm are rightly skittish about consolidating trading, custody, lending, staking and settlement in a single provider. The crypto industry is, instead, entering a world of "co-opetition."

The company is officially releasing a digital asset product that it first announced back in October.