Wall Street’s Big Bet: Banks Collude on ’Kumbaya Coin’ as Regulators Finally Wake Up

Goldman, JPMorgan, and Citi scramble to launch a unified stablecoin—because nothing says ’trust’ like a cartel of too-big-to-fail banks issuing digital monopoly money.

Regulators suddenly care—now that their donors want in. The SEC’s new ’light-touch’ framework looks suspiciously like a VIP pass for legacy players. Meanwhile, DeFi builders face prison for doing the same thing last year.

Bonus cynicism: Watch how fast ’self-custody’ becomes a terrorist threat when BlackRock starts holding your keys.

However, the legislation has sparked controversy. Democrats are proposing amendments to block Donald TRUMP and other officials from profiting, following the launch of USD1, a Trump-backed stablecoin introduced in March.

With regulation on the horizon, major banks appear to be preparing for a stablecoin future—on their own terms.