Stablecore has launched an early access program for stablecoins and digital assets for US credit unions, allowing participating institutions to test blockchain-based financial services before deciding whether to integrate them into their banking platforms.
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- Stablecore has launched a stablecoin early access program with Circuit and Curql for credit unions managing approximately $25 billion in assets.
- Participating credit unions can test stablecoins, token deposits, bitcoin payment services, staking, and cryptocurrencies before full integration.
- This launch adds to Stablecore’s banking expansion as more US credit unions prepare for potential regulation of stablecoins.
The program was Announce on Wednesday through a partnership between Stablecore, Circuit, formerly known as Members Development Company, and Curql, a fintech crowdfunding group backed by more than 160 credit unions.
The initial group includes RBFCU, Stanford Federal Credit Union and La Capitol Federal Credit Union, with participating institutions representing approximately $25 billion in combined assets, Stablecore said.
Participating credit unions will be able to evaluate stablecoin payments, token deposits, bitcoin, on- and off-ramps cryptocurrencies, staking, and other digital asset services through the Stablecore platform before deciding whether to offer these products to members. The company said the products are designed to work within existing digital banking experiences.
“Members trust their credit unions because of their ability to provide secure and reliable access to the financial products and services they care about within a single experience,” said Alex Trice, CEO and co-founder of Stablecore.
He added that the company helps credit unions “stay relevant to competitive threats, retain their deposits and continue to be the primary trusted financial partner for their members” by enabling them to offer digital asset products.
Meanwhile, Ethan Cunningham, chief strategy officer at Circuit, said the program gives participating institutions a “collaborative space” to evaluate stablecoins and digital assets together while learning how technology can shape financial services without moving away from a members-first approach.
According to Stablecore, the program also includes education for credit union employees and members to support future adoption of digital assets. Ben Healey, a former FDIC regulator, recently joined as chief risk and compliance officer to oversee the governance, risk and compliance frameworks of partner institutions, the company added.
Stablecore expands banking partnerships
The latest initiative builds on Stablecore’s efforts to offer stablecoin and tokenized asset services to financial institutions through existing core banking systems. In February, the company joined the Jack Henry Fintech Integration Network, which provides access to about 1,670 core bank and credit union clients.
Stapcor too Expanding its banking partnerships In May after the Tennessee Bankers Association selected the company as the preferred digital asset technology provider for its more than 175 member institutions. The agreement gave member banks access to stablecoin accounts, token deposits, cryptocurrency-backed lending, payment acceptance, and digital asset accounts through their existing banking systems.
Colin Barrett, president and CEO of the Tennessee Bankers Association, said at the time that customers would benefit from digital asset tools offered through the “safe and trusted environment of their local banks.”
US credit unions have also begun preparing for possible regulation of stablecoins. In February, the National Credit Union Administration Suggested A licensing framework that requires payment stablecoin issuers operating through affiliates of federally insured credit unions to obtain an NCUA license before issuing stablecoins.
The proposal focuses on licensing and supervision requirements, while additional rules covering reserves, capital, liquidity and risk management are expected to be developed through future rulemaking.
