Wall Street Banks Team Up for New Stablecoin Challenge

Major Wall Street banks are joining forces to create a new stablecoin project aimed at challenging the dominance of Tether and USDC. This initiative, which aims to reshape the digital currency landscape, is being spearheaded by JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. The collaboration signifies a major shift in the financial industry’s approach to blockchain-based payments. While initial progress faces regulatory hurdles, if successful, this project could significantly impact the future of DeFi protocols like Aave and Compound.