Stablecoin

On 19 January 2026, SWIFT detailed a January 2026 pilot with Societe Generale-FORGE, BNP Paribas Securities Services, and Intesa Sanpaolo that settled tokenised bonds using both fiat money and a euro-denominated stablecoin. The test executed delivery-versus-payment, coupon disbursements, and final redemption flows with SG-FORGE's MiCA-compliant EUR CoinVertible token, while preserving existing SWIFT messaging standards and banking roles.

On 19 January 2026, debate over the CLARITY Act’s proposed ban on yield-bearing US dollar stablecoins intensified, as critics argued it could weaken the currency’s position in global markets. The bill would prevent US exchanges and service providers from offering interest or rewards on dollar-backed stablecoins, a measure banks support as protection for deposits and financial stability. Industry figures including Anthony Scaramucci and Brian Armstrong warn that removing yield from US digital dollars while rivals such as China's interest-bearing digital yuan expand could undermine the long-term competitiveness and adoption of US-linked digital assets.

On 19 January 2026, at 09:31, Washington's CLARITY Act stalled, a development some analysts frame as a constructive pause. Crypto analyst Michaël van de Poppe argues the draft risked locking in restrictive rules. Coinbase withdrew support, and CEO Brian Armstrong flagged tokenized equities, yield-bearing stablecoins, and DeFi user data access as unacceptable provisions.

According to an Artemis report, Visa accounts for more than 90% of the cryptocurrency card segment, which now handles $18 billion in annual transactions. Stablecoin-linked payments, including Visa's reported $3.5 billion volume by the end of 2025, are supporting this expansion, while analysts expect traditional card networks to remain dominant in the near term.

On January 15, Solana recorded $804 million in stablecoin inflows in 24 hours, later maintaining $532 million, outpacing Tron's $397 million and contrasting with Ethereum's net outflows. Stablecoin supply on Solana has reportedly climbed to a record $15 billion, a 200% year-on-year jump, while one analyst suggests SOL could reach $300 if it breaks out of its current range. Recent data also indicate six straight weeks of inflows into SOL-linked ETFs, with $8.94 million added on January 15 and total net assets rising to $1.19 billion, equal to 1.49% of Solana's market cap.

Anthony Scaramucci argued that the CLARITY Act's expanded ban on yield-bearing stablecoins makes the US dollar less competitive than China's interest-paying digital yuan. Coinbase CEO Brian Armstrong and other industry executives also criticized the restriction, claiming it protects traditional banks and could undermine the role of US dollar stablecoins in global markets. Separately, Bank of America CEO Brian Moynihan cautioned that stablecoins may trigger up to $6 trillion in deposit outflows from the banking system.

According to Artemis, crypto-linked cards became the top driver of on-chain stablecoin activity in 2025, with monthly volumes rising from $100 million to over $1.5 billion. Total card payments reached $18 billion, close to $19 billion in P2P transfers, and Visa processed more than 90% of transactions.

Market analyst Michaël van de Poppe views the CLARITY bill’s failure to advance in Congress as positive for crypto markets. Coinbase withdrew support on Wednesday, while CEO Brian Armstrong flagged tokenized stocks and yield-bearing stablecoin concerns and later denied reported White House tensions on Saturday. Negotiations to refine the bill are continuing.

On 18 January 2026, the debate over whether US dollar-pegged stablecoins should be allowed to pay interest intensified as Congress worked on a major digital asset bill. Banks warn that interest-bearing stablecoins could pull trillions of dollars in deposits from the traditional system and tighten credit, while crypto firms argue that well‑regulated reserves and transparent yield mechanisms distinguish these products from bank deposits. Lawmakers are considering language that would ban "interest for holding" stablecoins, a move critics say could reshape stablecoin business models and their role in the financial system.

Coinbase CEO Brian Armstrong addressed speculation about the Trump administration's stance on the crypto market structure bill, stating the White House remains engaged in discussions with banks on community-focused solutions. Following Armstrong's criticism of the Senate Banking Committee's draft, which he argued threatens CFTC authority and stablecoin rewards, Senate Chairman Tim Scott postponed further consideration of the bill. Bitcoin traded around $95,132.21 on January 18, 2026, while analysts warned that potential changes to the bill could reshape stablecoin rules and CFTC oversight.