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Big Banks Explore Shared Stablecoin to Compete in Crypto Space
Big Banks Explore Shared Stablecoin to Compete in Crypto Space
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Major U.S. financial institutions including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in preliminary discussions to launch a jointly issued stablecoin. This strategic move aims to counter the dominance of native crypto platforms and modernize legacy payment infrastructures.
The initiative involves collaboration with Early Warning Services (operator of Zelle) and The Clearing House, signaling a concerted effort to bridge traditional finance with digital asset innovation. Such a stablecoin could reinforce banks’ relevance amid rapid DeFi evolution while leveraging existing trust networks and regulatory compliance frameworks.
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