Key Takeaways
- • In 2026, U.S. Bank launched its own USD stablecoin, USBDC, and used it in a live cross-border pilot on the Stellar network, while CIMB settled RM1.38 billion of tokenized sukuk with tokenized deposits.
- • MUFG, Mizuho, and SMBC agreed in June 2026 to form a joint council to issue one shared stablecoin, with first commercial transactions targeted within fiscal year 2026.
- • According to Visa Onchain Analytics and Allium, only about $3.1 trillion, or roughly 3.4%, of the $90.5 trillion in stablecoin volume over the past 12 months is organic user activity.
- • Law 4/2026 bars stablecoins as a direct means of payment in Indonesia but permits them as a means of transaction after exchange recommendation and OJK approval; a dedicated stablecoin regulation is targeted for January 2027.
Summary
Banks moved from studies to live transactions in 2026, according to the Pintu article. In September 2026, U.S. Bank launched USBDC, a U.S. dollar stablecoin it issues itself, and used it in a live cross-border pilot between its own North American and European entities on the Stellar network. The bank began with a flow it controls, acting as both sender and receiver, and tested freezing and clawback features before involving outside parties.
In Malaysia, CIMB issued RM1.68 billion of sukuk in August 2026, of which RM1.38 billion was tokenized and settled with tokenized deposits, meaning bank deposits recorded as digital tokens. Those deposits remain a claim on the issuing bank. In Hong Kong, HSBC and Anchorpoint became the first two issuers to receive stablecoin licenses from the Hong Kong Monetary Authority in April 2026. In June 2026, MUFG, Mizuho, and SMBC agreed to form a joint council to issue one stablecoin, with first commercial transactions targeted within fiscal year 2026. Regulators were involved before banks scaled up, including Bank Negara Malaysia's digital asset testing hub and a Financial Services Agency testing program for Japan's shared coin.
On volume, Visa Onchain Analytics, using Allium data, recorded $90.5 trillion over the 12 months to 30 October 2026. After automated activity such as arbitrage and liquidity provision and double-counted transfers are removed, about $3.1 trillion of organic activity remains. The article notes that Visa treats automated activity as supporting DeFi liquidity rather than fake volume. For institutions, the article argues the adjusted figure is closer to real user demand and better suited to building payments business cases. An AFP 2026 survey of 309 U.S. treasury professionals found that only 1% are piloting or using stablecoins or tokenized products in a limited way.
In Indonesia, OJK recorded 23.21 million crypto consumer accounts as of August 2026, with Rp23.16 trillion in monthly transactions. Law 4/2026, which amended the P2SK Law in June 2026, sets the stablecoin framework, but implementing rules remain pending. OJK declared on 11 June 2026 that IDRP, issued by PT Adhyoka Berkah Maju, had graduated from its regulatory sandbox. OJK chief executive Adi Budiarso said a stablecoin regulation is targeted for January 2027, and a regulation on offering tokenized assets is targeted for late 2026 or early 2027.
In Malaysia, CIMB issued RM1.68 billion of sukuk in August 2026, of which RM1.38 billion was tokenized and settled with tokenized deposits, meaning bank deposits recorded as digital tokens. Those deposits remain a claim on the issuing bank. In Hong Kong, HSBC and Anchorpoint became the first two issuers to receive stablecoin licenses from the Hong Kong Monetary Authority in April 2026. In June 2026, MUFG, Mizuho, and SMBC agreed to form a joint council to issue one stablecoin, with first commercial transactions targeted within fiscal year 2026. Regulators were involved before banks scaled up, including Bank Negara Malaysia's digital asset testing hub and a Financial Services Agency testing program for Japan's shared coin.
On volume, Visa Onchain Analytics, using Allium data, recorded $90.5 trillion over the 12 months to 30 October 2026. After automated activity such as arbitrage and liquidity provision and double-counted transfers are removed, about $3.1 trillion of organic activity remains. The article notes that Visa treats automated activity as supporting DeFi liquidity rather than fake volume. For institutions, the article argues the adjusted figure is closer to real user demand and better suited to building payments business cases. An AFP 2026 survey of 309 U.S. treasury professionals found that only 1% are piloting or using stablecoins or tokenized products in a limited way.
In Indonesia, OJK recorded 23.21 million crypto consumer accounts as of August 2026, with Rp23.16 trillion in monthly transactions. Law 4/2026, which amended the P2SK Law in June 2026, sets the stablecoin framework, but implementing rules remain pending. OJK declared on 11 June 2026 that IDRP, issued by PT Adhyoka Berkah Maju, had graduated from its regulatory sandbox. OJK chief executive Adi Budiarso said a stablecoin regulation is targeted for January 2027, and a regulation on offering tokenized assets is targeted for late 2026 or early 2027.
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