Major U.S. banks explore launching a stablecoin together 🏦💡
According to The Wall Street Journal, giants like JPMorgan, Bank of America, Citigroup, and Wells Fargo are in talks to issue a joint stablecoin, alongside companies like Zelle and Clearing House. The discussions are still preliminary and depend on regulation and demand.
🔹 Regulatory context: The U.S. Senate is advancing the GENIUS Act, which would establish rules for stablecoins, including anti-money laundering provisions. However, there is controversy over an amendment that would seek to prevent figures like Donald Trump from benefiting.
🔹 Rising demand: The stablecoin market grew by 20% in 2024, reaching $245B. Meta is also exploring integrating them into its platforms, while experts indicate they could disrupt traditional banking.
Source: The Wall Street Journal / Cointelegraph
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