Banks want in on Tether’s major stablecoin profits

Customer payment options, including Visa Inc. and Mastercard Inc., advertised in a shop window in Berlin, Germany, on Wednesday, Dec. 18, 2024. German business expectations sank in December, highlighting the challenges for Europe’s top economy with snap elections likely to bring a change of government. Photographer: Krisztian Bocsi/Bloomberg

New York: Until recently, banks watched from the sidelines with envy as stablecoin market leader Tether Holdings boasted of billions in profits. Now they want in.

Earlier this year, Societe Generale–Forge (SG-Forge) made its euro-backed stablecoin, which basically represents fiat on a blockchain ledger, available to retail investors.