Major U.S. Banks Consider Joint Stablecoin Initiative to Counter Crypto Competition

BTCC / BTCC Square / Global Cryptocurrency /

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2025-05-23 09:49:02

Wall Street giants including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the creation of a consortium-backed stablecoin, according to sources familiar with the discussions. The talks remain preliminary but signal growing institutional interest in blockchain-based settlement solutions.

Payments subsidiaries like Zelle operator Early Warning Services and The Clearing House are involved in the deliberations. Stablecoins—digital assets pegged to fiat currencies—could streamline cross-border transactions that currently take days, offering banks operational efficiencies amid rising competition from native crypto projects.

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