Some of America's largest banks are in discussions to create a joint stablecoin, unveiling new opportunities in the financial market.
Bank Discussions
Banking entities linked to JPMorgan, Bank of America, Citigroup, and Wells Fargo are considering issuing a shared dollar-pegged token. Early Warning Services and the Clearing House are also part of these conversations.
Legislative Background
The prospective project is emerging as the U.S. Senate is set to debate the bipartisan GENIUS Act, enforcing strict requirements for collateral and AML for stablecoin issuers. Supporters believe clear federal guidelines could facilitate widespread adoption.
Stablecoin Market
Stablecoin capitalization has grown approximately 20% in 2025, now reaching about $245 billion. Major brands, including Meta, are exploring token payments on their social platforms, highlighting the growing interest in this sector.
Major banks are recognizing the necessity to adapt to new market conditions and view collaboration as a way to maintain competitiveness against rising threats from fintech companies.
