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Wall Street Banks Challenge Tether’s Dominance with Joint Stablecoin Initiative
Wall Street Banks Challenge Tether’s Dominance with Joint Stablecoin Initiative
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JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are collaborating on a stablecoin project, signaling a direct challenge to crypto-native players like Tether. Sam Kazemian of FRAX Finance confirmed the development, suggesting advanced discussions among the institutions.
The move underscores a strategic pivot by traditional finance toward stablecoins as critical infrastructure for global liquidity. These dollar-pegged assets have become indispensable for crypto traders seeking volatility hedges and seamless settlement.
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