#BigTechStablecoin Four giant banks in the U.S. —JPMorgan, Bank of America, Citigroup, and Wells Fargo— are exploring the possibility of jointly issuing a stablecoin, as reported by The Wall Street Journal on May 22, citing sources close to the negotiations. The participation of key players in the financial system, such as Early Warning Services —the parent company of Zelle— and the Clearing House payment network is also being considered.

The discussions are still in a preliminary stage, and the progress of the project will depend on how the regulatory framework evolves and the growing demand for stablecoins.

A spokesperson for JPMorgan declined to comment on the matter. Meanwhile, neither Bank of America, Citigroup, nor Wells Fargo immediately responded to press inquiries.