Credit unions with $25B join stablecoin early-access program

Stablecore announced Wednesday that a group of U.S. credit unions managing roughly $25 billion in combined assets has joined its early-access program to test stablecoin and other blockchain-based financial services, including stablecoin payments, tokenized deposits, Bitcoin trading, fiat-to-crypto on- and off-ramps and staking.

The program is run in partnership with Circuit, a credit union service organization focused on research and development, and Curql, a fintech investment collective that represents more than 160 credit unions. Participating institutions will trial digital-asset capabilities in a controlled environment before deciding whether to integrate them with their existing core banking systems.

Stablecore’s technology links stablecoin and tokenized-asset services to the core banking platforms used by banks and credit unions, allowing integration without replacing legacy systems. In February, Stablecore joined the Jack Henry Fintech Integration Network, which gives the company access to about 1,670 bank and credit union core clients. The early-access program targets smaller lenders organized as credit unions.

Through the trials, credit unions can evaluate functions including issuing and processing stablecoin payments, creating tokenized deposit products, providing member pathways to buy and sell Bitcoin, enabling fiat on- and off-ramps and offering staking services. The tests are designed to surface operational, compliance and technical considerations before any full rollout.

Regulatory work is proceeding in parallel. In February, the National Credit Union Administration proposed a licensing framework that would require payment stablecoin issuers operating through credit union subsidiaries to obtain an NCUA license before issuing coins. The proposal focuses on licensing and oversight; regulators indicated additional rulemaking on reserves, capital, liquidity and risk management would follow. The public comment period for the proposed rules closed on April 13.

U.S. credit unions include more than 4,200 federally insured institutions nationwide. While the number of credit unions has declined over time, membership and total assets increased through the first quarter of 2026. The early-access cohort represents a small portion of credit unions by count but controls a meaningful pool of assets and member relationships.

Stablecore, Circuit and Curql did not provide a timeline for converting test deployments into live services or for expanding the program beyond the initial cohort.