Recently, several large U.S. commercial banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are exploring the collaboration to launch a stablecoin. This is in response to the increasingly fierce competition in the digital asset space.

This means that traditional financial giants are accelerating their efforts to establish an on-chain dollar system. If this project materializes, it is expected to bring a significant influx of dollar liquidity into the blockchain ecosystem, which would be a major boon for the entire cryptocurrency industry.