JPMorgan Chase and Citigroup announced plans to release their own stablecoins amid increasing competition from fintech companies and the impending passage of the GENIUS Act in the U.S. Congress, which will establish clear rules for the issuance and circulation of coins.

JPMorgan CEO Jamie Dimon confirmed that the bank is working on the "JPMorgan deposit coin" and is exploring other stablecoins. Citigroup CEO Jane Fraser, in turn, reported on the bank's work in the area of tokenized deposits and plans for the issuance of the "Citi stablecoin."

Earlier in May, the Wall Street Journal reported that a number of large banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are considering a joint issuance of a stablecoin. The overall market for these tokens is currently valued at $258 billion and continues to grow. Its positive dynamics are supported by the increasing interest in fast and cheap digital payments.$BTC $BNB $BANANAS31