#Bitcoin2025 Based on reports from the Wall Street Journal and other sources. Here are the key details.
Participating banks in Initiative:
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are considering launching a joint stablecoin backed by the US dollar.
The discussions also include companies affiliated with these banks, such as Early Warning Services (operator of the Zelle remittance service) and The Clearing House (specializing in instant payments).
2. Discussion Phase:
The discussions are still in their early stages and may change based on regulatory factors and customer demand assessment.
3. Main Objectives:
Improving transaction speed: especially for international transfers that take days via traditional systems.
Competing with cryptocurrency companies: such as Tether (USDT) or USDC ($USDC
), which threaten banks' dominance in the payments space.
Responding to regulatory developments: such as the GENIUS Act, which regulates the issuance of stablecoins in the United States.
4. Challenges and Concerns:
Politics and Conflicts: Some Democrats oppose the proposed law due to former President Donald Trump's ties to his own stablecoin project (USD1).
Risks to the Banking System: Stablecoins could impact traditional banking models, according to some experts' analyses.
5. Previous Developments:
Other banks, such as France's Société Générale, launched stablecoins like the EURCV (euro-backed) in 2023 and are planning to issue a dollar-denominated one.
Growing Demand: The global market capitalization of stablecoins has increased by 20% since the beginning of 2025, reaching $245 billion.
Conclusion:
The information is confirmed by multiple sources, but the project is still under study and may be affected by new laws and decisions by the banks themselves. It is recommended to follow official updates from banks or US regulatory bodies.