🔥JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and several other major U.S. banks are collaborating to develop a stablecoin project, directly competing with the cryptocurrency industry.

The project is being launched through a jointly owned venture by the banks, which includes the entity behind the peer-to-peer payment network Zelle, the Electronic Warning Service (EWS), and the clearinghouse system (TCH) that processes interbank instant payments. The parties are closely cooperating to advance this stablecoin initiative.