Major US Banks Team Up on Stablecoin Project for Faster Payments

Major U.S. banks are exploring a joint venture to create a stablecoin, aiming to boost efficiency in financial transactions. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are reportedly discussing this initiative, with Early Warning Services and The Clearing House playing key roles. This move aligns with growing interest in stablecoins for their potential in interbank payments and increased cost-efficiency.