Kaleido Platform

What are payment Stablecoins?

Payment stablecoins are blockchain-denominated tokens pegged 1:1 to a fiat currency, issued by regulated financial institutions, and redeemable on demand against segregated reserve assets. They enable programmable, 24/7 settlement across digital asset networks without exposure to cryptocurrency volatility.

Under MiCA in the EU, payment stablecoins denominated in a single fiat currency are classified as e-money tokens (EMTs) and require either an e-money institution or credit institution license. Issuers must maintain 100% liquid reserves, provide redemption rights at par, and ensure token holders can always redeem at face value. Equivalent frameworks are active in Singapore (MAS Payment Services Act), advancing in the United States (GENIUS Act), and under consultation in the UK (FCA).

For a financial institution, issuing a payment stablecoin requires more than a token contract. It requires a compliance layer that enforces transfer restrictions, sanctions screening, and Travel Rule obligations at the protocol level, before any transaction settles. Reserve management, redemption workflows, and auditability all need to connect to existing core banking and treasury infrastructure.

Kaleido provides the full infrastructure stack: token issuance and lifecycle management, policy enforcement, institutional custody, and integrations into the payment and banking systems your operations already run on.

How stablecoins differ from tokenized deposits & tokenized reserves (wCBDC)