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Wall Street Banks Explore Joint Stablecoin Venture Amid Crypto Momentum
Wall Street Banks Explore Joint Stablecoin Venture Amid Crypto Momentum
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Traditional banking giants, once skeptical of cryptocurrencies, are now pivoting toward the digital asset space. A consortium of major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—is reportedly in early discussions to launch a shared stablecoin. This MOVE signals a strategic shift as institutional players seek to counter or co-opt crypto’s growing influence.
The discussions involve entities like Early Warning Services, operator of Zelle, and The Clearing House, indicating a serious exploration of blockchain-based payment solutions. The proposed joint stablecoin could leverage existing infrastructure while addressing regulatory and competitive pressures from decentralized alternatives.
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