Financial institutions are showing increased interest in stablecoins, driven by a desire to adapt to the growing influence of digital currencies. Ben Reynolds, stablecoin director at BitGo, highlighted this trend during Consensus 2025 in Toronto. His presentation revealed that BitGo’s new ‘stablecoin-as-a-service’ platform has attracted attention from numerous U.S. and international banks, illustrating the intensifying competition within the cryptocurrency stablecoin market, while regulatory discussions are ongoing in the U.S. This trend reflects the need for financial institutions to respond to potential disruptions by digital alternatives. Several experts have identified these challenges as key drivers of innovation.