The largest banks in the U.S. are in preliminary talks to create a joint venture for stablecoin issuance: WSJ

Leading banking institutions in the U.S. are considering the possibility of creating a joint venture for stablecoin issuance as the country accelerates the process of cryptocurrency regulation, the Wall Street Journal reported on Thursday. Companies co-owned by JPMorgan, Bank of America, CitiGroup, Wells Fargo, and other large commercial banks are in talks about a potential joint project for stablecoin issuance, WSJ reported, citing unnamed sources familiar with the situation.

These companies include the real-time payments network The Clearing House and Early Warning Services LLC, the fintech company behind the Zelle peer-to-peer payment system. The report also notes that negotiations among American banks are preliminary and may change, and the final outcome largely depends on the development of stablecoin legislation in the country.