US Banks Remain Cautious on Stablecoins Despite Market Growth, S&P Global Says

Stablecoins are digital tokens pegged to assets such as the US dollar and have become important tools for crypto trading, cross-border payments and settlement. Their total market capitalization exceeded $316 billion in early 2026, nearly double its 2023 level. After the United States passed the GENIUS Act in July 2025, banks faced the prospect of deposit outflows and pressure on fee income while also weighing the cost of upgrading legacy systems. Their decision on whether to enter the market could therefore affect the competitiveness of traditional finance.

S&P Global Market Intelligence's first-quarter 2026 US banking outlook, released on April 8, surveyed 100 banks, mostly small institutions. Just 7% were developing stablecoin frameworks, and none had reached the functional pilot stage. A report on April 9 said large global banks were more likely to issue tokenized deposits or bank-backed digital assets, while regional and midsize banks favored operating fiat on- and off-ramps. Overall, the industry remained in wait-and-see mode.