💵 U.S. Banking Giants Explore Joint Stablecoin Launch
America’s biggest banks — including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo — are in early talks to launch a shared stablecoin. The project, backed by entities like Early Warning Services (operator of Zelle) and The Clearing House, could challenge existing players like USDT and USDC.
The idea is to modernize cross-border payments, which are still slow and costly in the current banking system. A jointly issued stablecoin would help these banks stay competitive as digital assets gain ground. While the discussions are still preliminary, the initiative shows how serious traditional finance is becoming about blockchain innovation.
Regulatory hurdles remain. The proposed “GENIUS” bill in the U.S. Senate could set the legal stage for both banks and nonbanks to issue stablecoins — potentially accelerating this effort.
