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Wall Street Banks Explore Joint Stablecoin Venture Amid Crypto Competition
Wall Street Banks Explore Joint Stablecoin Venture Amid Crypto Competition
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Major U.S. commercial banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in early discussions to launch a joint stablecoin. This MOVE signals a strategic shift by traditional financial institutions to engage with the digital currency landscape after years of regulatory hesitation.
The talks involve payments operators like Early Warning Services, the firm behind Zelle, and the Clearing House, which operates a real-time payments network. While no formal announcement has been made, the initiative reflects growing pressure on banks to compete in the rapidly evolving crypto market.
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