Key facts
- Stablecore, Circuit, and Curql have launched a pilot program for US credit unions to test stablecoin and digital asset services.
- Participating credit unions manage a combined $25 billion in assets.
- Services to be tested include stablecoin payments, tokenized deposits, crypto on- and off-ramps, and staking.
- The National Credit Union Administration (NCUA) has proposed a licensing framework for stablecoin issuers operating through credit union subsidiaries.
Stablecore, in partnership with Circuit and Curql, has initiated an early-access program designed to allow US credit unions to explore and test stablecoin payments, tokenized deposits, and other digital asset services. This pilot program aims to provide these financial institutions with hands-on experience before they consider broader integration into their existing platforms. The initiative is particularly significant as it involves credit unions collectively managing approximately $25 billion in assets. This move aligns with growing indications that US credit unions are preparing to adopt stablecoin services, a trend supported by the National Credit Union Administration's (NCUA) recent proposal for a licensing framework for payment stablecoin issuers operating through credit union subsidiaries. The proposed framework requires such issuers to obtain an NCUA license, with further regulations on reserves, capital, and risk management anticipated.