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