Major U.S. Banks Explore Joint Stablecoin Venture

JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in early discussions to form a consortium for issuing a shared stablecoin. The initiative, reported by The Wall Street Journal, signals a strategic MOVE by traditional financial institutions into the digital currency space, which has been dominated by crypto-native firms.

The talks involve key players like Early Warning Services, the company behind Zelle, and the Clearing House, which operates a real-time payment system used by major banks. While still conceptual, the discussions highlight growing institutional interest in stablecoins amid evolving regulatory frameworks.

This development could mark a pivotal moment for crypto adoption, as legacy banks seek to leverage their scale and trust to compete with decentralized alternatives. The move underscores the increasing convergence of traditional finance and digital assets.