The main US banks, such as JPM, Citi, Bofa, and others, Mull Joint Stablecoin Launch: WSJ
The major US banks weigh the launch of a joint stablecoin to dispel the crypto competition.
Financial heavyweights such as JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), have conducted a discussion on the topic, the Reported by Wall Street JournalThe people are familiar with this matter. The conversations are still in the early stages and may change, the report added.
Inside the consortium also pays adventures owned by these banking powerhouses, such as early warning services, which operates with Zelle, and the clearing of the house, which holds in real-time payments.
Stablecoins Cryptocurrencies are already in value of another owner such as a fiat currency or commodity, can resolve transactions within seconds. Banks see the potential of them to improve their operations, with international remittances that are currently taking days through the traditional system.
An idea floating in consortium talks is a stablecoin model that is open to other banks beyond the main group. Regional banks also explore similar paths, the WSJ added, citing resources familiar to discussions.
Push will come as Washington’s inches toward regulation. The Senate recently promoted the guide and establishment of national change for US Stablecoin (Genius) Lawwhere is Senator Hagerty (R-tenn) described as one that “establishes the first pro-change of regulation framework for payment stablecoins.”
Detected the enhanced environment of regulation Crypto companies are looking for bank chartersFurther increasing pressure to the banks.
Some of these major financial institutions have already made their move. Société Générale lan euro-denominated stablecoinEurcv, back in 2023 by its crypto arm. It has been reported now looking to launch a The US dollar stablecoin also.
Read more: US Stablecoin bill approval can trigger a long-term Crypto Bull market: Bitwise
