It’s protected to say that the surge in stablecoin adoption has not gone unnoticed by the banks. A number of of the biggest banks within the US are reportedly in early talks to launch a joint stablecoin, aiming to problem the recognition of crypto and digital cost options.
“The conversations have up to now concerned corporations co-owned by JPMorgan Chase, Financial institution of America, Citigroup, Wells Fargo and different giant industrial banks, in accordance with individuals aware of the matter,” confirmed the Wall Avenue Journal in a 22 Might 2025 report.
The mission is in its conceptual section and hinges on evolving regulatory frameworks, significantly the brand new stablecoin laws. The consortium would contain Early Warning Providers and The Clearing Home, each pivotal gamers within the US funds infrastructure.
WALL STREET STABLECOIN?
JPMorgan, BofA, Wells Fargo, and Citi are exploring a joint crypto stablecoin.
But when banks management the community… how is that this NOT a CBDC?
Decentralization on the road.#stablecoin #RLUSD #usdt pic.twitter.com/t7EbYjHjbx
— AltcoinPro (@AltcoinPro_) Might 23, 2025
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Wall Avenue Stablecoin within the Making?
Massive banks are teaming as much as create a joint stablecoin.
As a result of nothing says “we perceive crypto” like a committee of fits attempting to reinvent the wheel.
Keep tuned for the launch of “BankCoin”—coming quickly to a forms close to you. pic.twitter.com/djjxdbaGSw
— Surge (@WeSurgeNow) Might 23, 2025
Lately, stablecoins have develop into a most well-liked automobile for quick, low-cost transfers, particularly in cross-border settings the place conventional banking methods may be cumbersome.
As crypto-native companies and even massive tech corporations eye the stablecoin market, US banks are more and more involved about dropping deposits and transaction quantity to the brand new digital challengers. Therefore, a Wall Avenue stablecoin might be within the making!
Moreover, the potential for stablecoins to function “digital {dollars}” threatens the core enterprise of banks, prompting them to think about launching their very own various.
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GENIUS Act Advances With 66 Votes
The US Senate has superior the GENIUS Act, a bipartisan invoice regulating stablecoins. The laws handed a procedural vote with 66 in favor and 32 towards, signaling robust momentum for regulatory readability.
The invoice goals to set clear tips for stablecoin issuers, together with 1:1 asset backing, anti-money laundering compliance, and client protections. It might assist scale back systemic threat and promote extra mainstream adoption of crypto-based cost methods if enacted. Nevertheless, the invoice has additionally drawn scrutiny, significantly regarding US President Donald Trump’s rising ties to crypto. Some critics argue that these ties might introduce potential conflicts of curiosity, particularly if insurance policies are formed to learn affiliated ventures.
Nonetheless, for market contributors, the development of the GENIUS Act is essentially seen as a step towards legitimacy for digital property and stablecoins specifically. With Bitcoin nearing its all-time excessive and institutional curiosity returning, the regulatory construction might assist maintain momentum.
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Key Takeaways
JPMorgan Chase, Financial institution of America, Citigroup, Wells Fargo and different giant industrial banks are considering a joint stablecoin to counter crypto competitors.
The potential for stablecoins to function “digital {dollars}” threatens the core enterprise of banks, prompting them to think about launching their very own various.
The put up US Banking Giants Discover Joint Stablecoin to Counter Crypto Competitors appeared first on 99Bitcoins.
