Visa and Mastercard, the two biggest U.S. card networks, are eager to tout the benefits they may gain from the advance of stablecoins and dismiss the threat those cryptocurrencies pose.
As stablecoin legislation has advanced in Congress the possibility has increased that these cryptocurrencies will soon have a legal framework in the U.S.
As a result, businesses are rushing to embrace the new digital currency typically pegged to the U.S. dollar.
Banks, including JPMorgan, and merchants, such as Shopify, are rolling out plans for how they will incorporate the acceptance of stablecoins as consumers and businesses encounter more opportunities to use the emerging technology. For the moment, stablecoins are more often serving as a store of value, an investment vehicle, than a method of payment.