U.S. Banking Industry Conspires for "Big Moves": Giants Unite to Issue Stablecoins Against the Crypto Industry
Key Facts:
1. Wall Street is brewing a major move
Top banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo are secretly discussing a joint issuance of stablecoins
Payment giant Zelle's parent company Early Warning Services and clearinghouse Clearing House are involved in the operation
Currently just a preliminary idea, ultimately it depends on regulatory responses and market reactions
2. The motivation is very realistic
Traditional banks are being cornered by crypto stablecoins like USDT and USDC
In 2023, stablecoin trading volume surpassed $11 trillion, banks can no longer sit idle
If they don’t enter the market soon, they will lose the entire payment pie to crypto companies
Key Developments:
The GENIUS Act successfully passed in the Senate this week
It clearly defines the rules for banks/non-bank institutions issuing stablecoins for the first time
If passed, it will ignite a demand for tens of trillions of dollars in government bonds
Small banks also want to team up for battle, but the gap in strength is too large
Market Impact Predictions:
In the short term, it is favorable for compliant stablecoins
Bank-affiliated stablecoins will spark a new round of "compliance competition"
Crypto-native projects will face more brutal regulatory pressure
Harsh Truth:
This is not a competition for innovation, but a redistribution of interests. Banks are claiming to "prevent financial risks," but in reality, they are envious of the huge fees from stablecoins. It’s already five years too late to enter the market, but with policy advantages, they may still catch up.
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