Major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are in early talks to develop a joint stablecoin, aiming to compete with crypto-native projects.
The effort involves payment firms like Zelle’s Operator, Early Warning Services, and The Clearing House. Still, in its conceptual phase, the initiative depends on future stablecoin regulation, such as the recently advanced GENIUS Act.
The move reflects growing concern among banks that a second Trump presidency could accelerate stablecoin adoption, especially with tech giants and Trump-backed platforms like World Liberty Financial entering the space. Banks see stablecoins as a way to improve payment efficiency, particularly for cross-border transactions.
Despite the threat this poses to firms like Circle, some experts believe limitations, like needing a U.S. bank account, could hinder mainstream adoption of a bank-issued stablecoin. The stablecoin market currently sits at $248 billion, with U.S. Treasury projections estimating growth to $2 trillion by 2028.
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