Wall Street’s Counterstrike: Banking Titans Plot Joint Stablecoin to Fight Crypto Disruption

JPMorgan, Bank of America, and friends—yes, the same institutions that once mocked crypto—are now scrambling to launch a collaborative stablecoin. Because nothing says ’innovation’ like a defensive oligopoly play.

Dubbed ’Project BankCoin’ by insiders, the effort aims to create a regulated digital dollar alternative. Translation: they want a piece of the $150B stablecoin pie without letting pesky DeFi protocols eat their lunch.

The irony? This comes just as Tether posts record reserves and Circle’s USDC flips SWIFT in cross-border volume. Banks: 10 years late, but always on time for a land grab.

JPMorgan, BofA, Wells Fargo, and Citi are exploring a joint crypto stablecoin.

But if banks control the network… how is this NOT a CBDC?

Decentralization on the line.#stablecoin #RLUSD #usdt pic.twitter.com/t7EbYjHjbx

— AltcoinPro (@AltcoinPro_) May 23, 2025

: The 12+ Hottest Crypto Presales to Buy Right Now

Wall Street Stablecoin in the Making?

Big banks are teaming up to create a joint stablecoin.

Because nothing says "we understand crypto" like a committee of suits trying to reinvent the wheel.

Stay tuned for the launch of "BankCoin"—coming soon to a bureaucracy NEAR you. pic.twitter.com/djjxdbaGSw

— Surge (@WeSurgeNow) May 23, 2025

In recent years, stablecoins have become a preferred vehicle for fast, low-cost transfers, especially in cross-border settings where traditional banking systems can be cumbersome. 

As crypto-native firms and even big tech companies eye the stablecoin market, US banks are increasingly concerned about losing deposits and transaction volume to the new digital challengers. Hence, a Wall Street stablecoin could be in the making!

Furthermore, the potential for stablecoins to serve as “digital dollars” threatens the Core business of banks, prompting them to consider launching their own alternative. 

 Best New Cryptocurrencies to Invest in 2025 – Top New Crypto Coins

GENIUS Act Advances With 66 Votes

The US Senate has advanced the GENIUS Act, a bipartisan bill regulating stablecoins. The legislation passed a procedural vote with 66 in favor and 32 against, signaling strong momentum for regulatory clarity.

The bill aims to set clear guidelines for stablecoin issuers, including 1:1 asset backing, anti-money laundering compliance, and consumer protections. It could help reduce systemic risk and promote more mainstream adoption of crypto-based payment systems if enacted. However, the bill has also drawn scrutiny, particularly concerning US President Donald Trump’s growing ties to crypto. Some critics argue that these ties may introduce potential conflicts of interest, especially if policies are shaped to benefit affiliated ventures.

Still, for market participants, the advancement of the GENIUS Act is largely seen as a step toward legitimacy for digital assets and stablecoins in particular. With Bitcoin nearing its all-time high and institutional interest returning, the regulatory structure may help sustain momentum.

Key Takeaways

• JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other large commercial banks are contemplating a joint stablecoin to counter crypto competition.

• The potential for stablecoins to serve as “digital dollars” threatens the core business of banks, prompting them to consider launching their own alternative.