Banks are jumping into the world of stablecoins for payments and payroll. Big names like Societe Generale and Standard Chartered are leading the way.

For a long time, banks watched from the sidelines, feeling envious as Tether Holdings, the top player in the market, reported billions in profits. But now, they want to get in on the action.

This year, Societe Generale - Forge launched its Euro-backed stablecoin. This coin represents fiat currency on a blockchain ledger and is now available to retail investors. Meanwhile, Oddo BHF SCA is working on its own Euro-denominated stablecoin. And let’s not forget Revolut, which is considering launching a similar product.

Additionally, AllUnity, a venture involving Deutsche Bank and DWS, plans to issue another stablecoin next year. BBVA is also busy developing its own stablecoin.

It’s an exciting time in the banking world as these institutions explore new opportunities in the stablecoin market.