The project could mark a significant shift in how traditional banks approach digital assets, aligning their efforts with growing institutional and regulatory interest in blockchain-based finance.
Wall Street Journal citing sources familiar with the discussions said that participants in the conversation include entities linked to JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other leading banks.
The proposed coin would likely be designed for use across participating banks, but one version of the plan would allow broader access to the crypto stablecoin by other institutions beyond the core group of issuers.
SPOILER ALERT: JP Morgan, BofA, Well Fargo, and Citi (the 4 largest US banks) getting together to announce a joint stablecoin is just a move in an overall strategy that will lead to Tether and USDC being acquired by these large banks.
The STABLE and GENIUS Acts construct…
The legislative momentum appears to be opening doors for traditional financial players, who have so far mostly remained on the sidelines of crypto asset innovation due to unclear or inconsistent regulations.
The idea of a bank-issued stablecoin is not entirely new. JPMorgan, one of the firms mentioned in the report, already operates JPM Coin for institutional clients, but a broader initiative involving multiple banks and a potentially public-facing token would represent a more expansive effort.
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