Major US Banks Collaborate on New Stablecoin Project

Several prominent US banks are in preliminary discussions to launch a joint stablecoin, potentially challenging the established leadership of cryptocurrencies like USDT and USDC. This initiative by JPMorgan Chase, Bank of America, and Citigroup, among others, could significantly disrupt the digital currency landscape alongside regulatory changes. The project is being explored through collaborations with Early Warning Services and The Clearing House. The banks’ involvement suggests a substantial impact on the stablecoin market and US payment systems as the development progresses.