JPMorgan, BofA, Citi, and Wells Fargo consider launching a stablecoin.
Talks involve Zelle operator and The Clearing House.
Aimed at modernizing U.S. payments infrastructure.
U.S. Banking Giants Eye Stablecoin Launch
In a significant development for both traditional finance and crypto, major U.S. banks are reportedly in talks to launch a jointly-issued stablecoin. The consortium includes JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—four of the largest banking institutions in the country.
The discussions also involve Early Warning Services, which operates Zelle, and The Clearing House, a key real-time payments network. The goal? To develop a dollar-backed digital token that could simplify and speed up everyday payments for both consumers and businesses.
Stablecoin with a Centralized Twist
Unlike decentralized stablecoins such as USDT or USDC, this new bank-led initiative would be fully centralized and tightly regulated. This could make it more appealing to risk-averse users, institutions, and regulators alike.
The project aims to bridge the gap between traditional banking and modern crypto infrastructure. By leveraging their existing networks and customer bases, these banks could introduce stablecoin utility to millions of users without them needing to leave their banking apps.
This initiative would also mark a major endorsement of blockchain-like technology by U.S. banking giants, signaling increasing institutional interest in digital assets—not just for speculation, but as practical financial tools.
Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are reportedly exploring the possibility of jointly issuing a stablecoin, with discussions involving Early Warning Services, the operator of the Zelle payment system, and The Clearing House, a…
— Wu Blockchain (@WuBlockchain) May 23, 2025
What This Means for Crypto and Payments
If successful, this stablecoin could revolutionize how money moves within the U.S., especially for peer-to-peer transfers, business payments, and cross-border transactions. It may also put competitive pressure on existing stablecoins and private-sector crypto projects.
At the same time, such a move raises questions about privacy, control, and the potential sidelining of decentralized financial platforms. Still, the fact that traditional banks are stepping into the stablecoin space shows that digital currencies are moving closer to mainstream financial ecosystems.
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