The 4 largest banks in the US have started discussions on stable coins.

2025-05-22 23:42:47

Abstract generation in progress

Leading banks in the US have begun discussions to issue a common stable coin. According to a report by the Wall Street Journal, companies affiliated with major banks such as JPMorgan, Bank of America, Citigroup, and Wells Fargo are considering forming a consortium.

Among the companies involved in the negotiations are the instant payment network The Clearing House and the fintech firm Early Warning Services LLC behind Zelle. However, the Wall Street Journal noted that the talks are still in the early stages and that the final outcome of stablecoin regulations in the U.S. will have a significant impact.

Earlier this week, the US Senate decided to advance the bill titled “GENIUS Act” concerning stablecoins. The bill includes provisions for stablecoins to be fully backed by US dollars or similar liquid assets, annual audits, and regulations regarding foreign companies issuing stablecoins.

While the proposal received support from both parties, some Democratic senators demanded clarity on President Donald Trump’s relationships with crypto projects.

With the shaping of new regulations, there is great curiosity about how banks’ stable coin initiatives will evolve.

Published: May 23, 2025 10:42

B-0.72%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.