Money is going programmable in three forms at once: stablecoins issued against reserves, tokenized deposits issued by banks, and central-bank digital currencies. The landscape moves faster than anyone is cataloging it, and the claims outrun the reserves. This is the running list: what exists, who issues it, what backs it, and where the regulation actually stands. Every row is dated and traced to a primary or reputable-press source.

16 entries · 11 live · 1 announced · 3 in-development · 1 enacted

Stablecoins

Bank consortium USD stablecoin2026-09-01announced
Consortium of 21 financial institutions (incl. Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, MUFG, Fidelity)
Twenty-one international financial institutions announced plans to form a new company in H2 2026 to issue a USD-denominated stablecoin, with market launch targeted for H1 2027 and later expansion into EUR and other G7 currencies.
Source
Qivalis (euro stablecoin)2025-09-25in-development
European banking consortium (incl. CaixaBank and eight other banks)
An Amsterdam-domiciled joint venture of nine European banks working toward Dutch Central Bank authorization as an electronic money institution to issue a MiCAR-compliant euro stablecoin, targeted for the second half of 2026.
Source
FRNT (Frontier Stable Token)2025-08-19live
Wyoming Stable Token Commission
The first US state-issued stablecoin, backed by US dollars and short-term Treasuries at a legally mandated 102 percent reserve ratio and live across seven blockchains, issued under the Wyoming Stable Token Act.
Source
USDB2025-05-07live
Bridge (a Stripe company)
A US dollar stablecoin issued by Stripe-owned Bridge, backed 1:1 by cash and short-duration money market funds, launched alongside stablecoin financial accounts and Bridge's Open Issuance platform for third-party stablecoins.
Source
RLUSD2024-12-17live
Ripple
A US dollar stablecoin issued under a NYDFS limited-purpose trust charter, fully backed by dollar deposits, government bonds and cash equivalents with monthly independent attestations.
Source
USDG (Global Dollar)2024-11-01live
Paxos (Global Dollar Network consortium)
A US dollar stablecoin issued by Paxos as the core asset of the Global Dollar Network, an alliance whose members include Robinhood, Kraken, Anchorage, Nuvei, Bullish and Galaxy.
Source
PYUSD2023-08-07live
PayPal (issued by Paxos Trust Company)
PayPal's US dollar stablecoin issued by Paxos under NYDFS oversight, backed 1:1 by dollar deposits, short-term US Treasuries and cash equivalents, and available across Ethereum, Solana, Arbitrum, Stellar and other chains.
Source
FDUSD2023-06-01live
First Digital (FD121 Limited)
A US dollar stablecoin issued by First Digital's FD121 subsidiary and backed by short-dated US Treasury bills, reverse repos and bank cash held in Hong Kong, Switzerland and Australia, with monthly ISAE 3000 assurance reports.
Source
USDC2018-09-26live
Circle
A US dollar stablecoin backed by cash and short-dated US Treasuries held in reserve, natively issued across 35+ blockchains with monthly attestations by an independent accounting firm.
Source
USDP (Pax Dollar)2018-09-10live
Paxos
One of the earliest NYDFS-regulated US dollar stablecoins, backed 1:1 by cash and US Treasuries with monthly attestations, launched as Paxos Standard and rebranded to Pax Dollar in 2021.
Source
USDT2014-10-06live
Tether
The largest US dollar stablecoin by circulation, backed predominantly by US Treasury bills plus smaller allocations to cash, secured loans, Bitcoin and gold, with quarterly BDO attestations and circulation concentrated on Ethereum and Tron.
Source

Tokenized deposits

JPM Coin (JPMD)2025-11-12live
Kinexys by J.P. Morgan (JPMorgan)
A US dollar deposit token representing a claim on J.P. Morgan bank deposits, available to institutional clients for near-instant 24/7 onchain settlement on the Base blockchain, with a phased integration onto the Canton Network underway.
Source
Citi Token Services2023-09-18live
Citigroup
A tokenized-deposit service on a private permissioned blockchain enabling near real-time cross-border USD payments for institutional clients, with Siam Commercial Bank becoming the first external bank to go live on it in July 2026.
Source

CBDCs

Digital pound2026-03-01in-development
Bank of England / HM Treasury
A prospective UK retail central bank digital currency in its design phase through 2026, with the Bank of England and HM Treasury due to publish a blueprint, assessment and decision on next steps; no decision to issue has been made.
Source
Digital euro2025-10-29in-development
European Central Bank / Eurosystem
A prospective retail central bank digital currency for the euro area; the ECB Governing Council moved the project to its next phase in October 2025 to build technical capacity ahead of a possible first issuance around 2029, pending EU legislation.
Source

Regulation

GENIUS Act2025-07-18enacted
US federal government (Public Law 119-27)
The US federal framework for payment stablecoins, signed into law on 18 July 2025, which restricts payment-stablecoin issuance to permitted issuers under federal or state licensing and takes effect by 18 January 2027.
Source

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