US Banks Team Up to Develop Stablecoin Amidst Regulatory Uncertainty

Major U.S. banks are exploring the creation of a joint stablecoin project, hoping to leverage regulatory approvals and compete with existing players like USDC and USDT. The initiative signals a potential shift in market dynamics as it could challenge established crypto-native coins. The GENIUS Act’s passage is crucial for this venture to take off. If approved, it will likely lead to increased stablecoin issuance across the financial sector.