The largest banks in the U.S. — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo — are in early talks about a joint issuance of a dollar-backed stablecoin. This move is aimed at competing with cryptocurrency companies and adapting to the changing financial landscape. The project may be implemented through infrastructure managed by Early Warning Services (operator of Zelle) and The Clearing House, allowing the stablecoin to be used not only by participating banks but also by other financial institutions.
The initiative also coincides with the advancement in the U.S. Senate of the GENIUS Act, which establishes a regulatory framework for the issuance of stablecoins by both banks and non-bank entities. Although the bill has received support, it does not fully meet the demands of banking lobbyists.
This move could have a significant impact on the digital asset market, especially on existing stablecoins such as USDT and USDC, as well as politically-oriented tokens, such as $TRUMP
