US Banks Explore Joint Stablecoin Initiative to Safeguard Payment Processing Dominance

Major US banks are taking proactive steps to counter cryptocurrency’s growing influence by exploring a joint stablecoin initiative. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are reportedly in early discussions for this project. This move aims to safeguard their existing dominance in the payments ecosystem as cryptocurrencies gain popularity and threaten traditional banking services.