tl;dr
Major US banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the possibility of jointly issuing a stablecoin to compete with the growing cryptocurrency industry. Discussions involve payment systems like Zelle and The Clearing House and are in early stages. This ...
Major US banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring issuing a joint stablecoin to compete with the growing cryptocurrency market.
Discussions involve payment systems like Zelle and The Clearing House and are currently in early stages.
This strategic move follows recent US regulatory progress favoring stablecoins, as well as increased interest from companies like Meta and Ripple in stablecoin adoption.
Meta is reconsidering stablecoin payments after its failed LIBRA project, while Ripple recently launched RLUSD, a dollar-pegged stablecoin aimed at enterprise-grade use.
Cardano founder Charles Hoskinson responded to the news with a succinct comment, “As predicted,” signaling an anticipated shift within the industry.
His remark reflects the broader sentiment among crypto enthusiasts, who speculate that a bank-issued stablecoin could challenge established players like Tether (USDT) and Circle’s USDC.
The current stablecoin market is valued at approximately $243 billion, with Tether dominating around $152 billion of that share.
The collaboration among top US banks could reshape the stablecoin landscape, potentially sparking increased adoption and regulatory developments in the cryptocurrency sector.