Charles Hoskinson, founder of IOHK, the organization behind Cardano’s blockchain platform, has reacted to recent news about large US banks exploring a joint venture for a stablecoin. Hoskinson publicly acknowledged his prediction following reports that top U.S. banking institutions are now considering issuing their own cryptocurrency-backed digital currency, aiming to counter competition from the rapidly expanding cryptocurrency industry.
Specifically, sources say JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup, among other institutions, are in early stages discussing a stablecoin joint venture with Early Warning Services (operator of Zelle) and The Clearing House.
These talks are still preliminary, exploring the fundamental framework of a potential future stablecoin. However, recent progress on a stablecoin regulatory bill passed by the U.S. Congress is further fueling optimism for this nascent market.