💥💥💥 Breaking News 💥💥💥
Some of the largest banks in the United States, including JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup, and Wells Fargo (NYSE:WFC), are holding preliminary discussions about issuing a joint stablecoin, according to a report by the Wall Street Journal on Friday.
This move is seen as an attempt to counter the growing competition from the cryptocurrency industry.
The discussions involve co-ownership companies of these banking giants, such as Early Warning Services, the operator of the Zelle peer-to-peer payment system, and The Clearing House, a real-time payments network, according to the report.
These conversations are in an initial and conceptual stage and could change in the future, it added.
Stablecoins are a type of cryptocurrency designed to maintain a stable value, as they are backed by a reserve of assets.
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Is it possible for banks to create their own crypto?
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