Wall Street Banks Join Forces for a New Stablecoin: A Challenge to Crypto Dominance

A groundbreaking collaboration between major Wall Street banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, is underway. This alliance, involving entities like Early Warning Services (operator of Zelle) and The Clearing House (responsible for real-time payments), aims to develop a joint stablecoin. This digitized dollar would offer streamlined financial transactions, targeting cross-border payments currently dominated by crypto-native stablecoins such as USDT and USDC.