U.S. Banks Eye Collective Stablecoin Venture Amidst Regulatory Uncertainty

Major American banks are exploring a potential collaboration to launch a shared stablecoin, according to the Wall Street Journal. Early-stage discussions involve entities linked to JPMorgan, Bank of America, Citigroup, and Wells Fargo, with the goal of issuing a token pegged to the U.S. dollar. Early warning services, parent company of Zelle payments network, and the Clearing House are also participating in these exploratory talks. The idea is to seize an opportunity to preempt fintech rivals and capture institutional demand for on-chain settlements.