Stablecoin Crossroads: Why Bank Consortia Are Poised to Outscale Solo Issuers in the Race for Digital Money

In this paper, we discuss:

• The rise of bank consortia as the dominant model for stablecoin issuance, offering scale, liquidity, and regulatory credibility;
• Strong network effects favouring multi-bank stablecoins over single-bank issuers;
• The strategic role of consortia in defending banks against fintech and crypto-native disruption;
• The impact of regulation and geopolitics in accelerating coordinated, compliant digital money systems;
• The emergence of interoperable, fiat-backed stablecoins as core infrastructure for payments and tokenised finance.

Download PDF: Stablecoin – April 2026