US Banks Consolidate Forces to Launch Joint Crypto Stablecoin in Fight for Market Share

Major US financial institutions are exploring the formation of a consortium to issue a joint stablecoin, aiming to challenge the dominance of Tether and Circle’s stranglehold on the rapidly expanding stablecoin market. The move comes as Wall Street giants like JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others engage in internal discussions about potential collaboration.