Odaily Planet Daily News: Major U.S. commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in preliminary discussions to jointly launch a stablecoin. Institutions involved in the discussions include The Clearing House, owned by several banks, and Early Warning Services LLC, the company behind Zelle. This stablecoin project is still in its early stages, and progress will heavily depend on upcoming U.S. stablecoin legislation. The National Innovation and Stablecoin Establishment Act (GENIUS Act) has received bipartisan support, requiring stablecoins to be fully backed by U.S. dollars or other highly liquid assets, and stipulating that issuers with a market capitalization of over $50 billion must undergo annual audits, while also clarifying terms related to offshore issuance. However, before the bill goes to a final vote, some Democratic lawmakers have called for further examination of Trump's relationship with crypto projects. Reports indicate that Trump and his son have been linked to the World Liberty Financial project, which issues the USD1 stablecoin.