🔥 JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and many other major banks in the U.S. are teaming up to develop a stablecoin project to directly compete with the crypto industry.

This project is being implemented through joint ventures owned by the banks, including Early Warning Services (EWS), the entity behind the peer-to-peer payment network Zelle, and The Clearing House (TCH), the real-time payment processing system among banks. The parties are closely coordinating to promote this stablecoin initiative.