US Banks Team Up to Create Stablecoin Amidst Regulatory Push in Crypto Sector

Major U.S. banks are joining forces to develop a shared stablecoin, aiming to stay ahead of the competition as regulatory hurdles loom over the cryptocurrency landscape. According to sources familiar with the matter, institutions including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are engaging in preliminary discussions about this potential move. These talks encompass companies owned jointly, such as Early Warning Services (responsible for Zelle) and the Clearing House.