#ARINCEN Arincen - The Wall Street Journal reported that a number of major US banks, including JPMorgan Chase (NYSE:JPM), Bank of America, Citigroup, and Wells Fargo, are considering launching a joint stablecoin, in a move aimed at curbing the rapid expansion of cryptocurrencies in the financial market.
The newspaper reported, citing informed sources, that talks are still in the early stages and are expected to also include payment companies affiliated with those banks, such as Early Warning Services, which operates the Zelle service, and The Clearing House, which specializes in processing instant payments.
These institutions aim to develop a stablecoin linked to a traditional asset such as the US dollar, with the goal of accelerating financial settlement processes, especially in the realm of international remittances, which often take several days when executed through traditional methods.
According to the report, there is discussion about the possibility of opening the project to regional banks and other financial institutions in the future, as part of efforts to expand the use of the currency and establish it as a reliable banking alternative in digital transactions.
These moves come at a time when the cryptocurrency sector is witnessing increased regulatory momentum in the United States, where the Senate recently approved the 'GENIUS' bill, which establishes a regulatory framework specifically for stablecoins linked to payments, and is seen as a first step towards legalizing the use of this type of digital asset in the US financial system.