CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

cryptonews 2025-05-23 04:20:50

JPMorgan, BofA, Citi, Wells Fargo Eye Joint Stablecoin Venture: Report

Some of the largest US banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are exploring a potential partnership to issue a shared stablecoin. The Wall Street Journal reported Thursday that the initiative, if it proceeds, would mark a major step by traditional financial institutions into the digital currency space, where crypto-native firms have so far led the charge. The consortium talks reportedly involve entities such as Early Warning Services, the firm behind Zelle, and the Clearing House, which operates a real-time payment system that many major banks use. While discussions are still conceptual, the report said banks are weighing the potential demand for a consortium-backed stablecoin, alongside looming regulatory developments. Exclusive: Major U.S. banks are exploring a joint stablecoin to compete with the crypto industry https://t.co/PaPmSdEOjh — The Wall Street Journal (@WSJ) May 23, 2025 Lawmakers Move Closer to Defining Ground Rules for US Digital Payment Tokens Market The renewed interest comes as US lawmakers make headway on a long-awaited regulatory framework. This week, the Senate advanced the GENIUS Act , a bipartisan bill that lays out oversight rules for both banks and nonbanks issuing stablecoins. The act introduces reserve requirements , transparency standards, and places issuers under the Bank Secrecy Act, aiming to promote safer adoption while maintaining the US dollar’s global role. The bill’s progress is seen as a green light for institutions that had previously been hesitant after regulators clamped down on crypto activity in 2022. Bank executives now view stablecoins as a legitimate tool to modernize cross-border transfers, reduce transaction times, and compete with digital offerings from tech giants and crypto startups. Banks Weigh Stablecoin Entry as Pressure Mounts From Policy Shifts and Rivals Stablecoins, typically pegged one-to-one with fiat currencies and backed by liquid reserves, are already central to crypto trading and settlements. For banks, issuing their own version could allow them to retain control over payments infrastructure as digital dollars become more common. One model under discussion could allow broader access, letting banks beyond the consortium use the stablecoin. Meanwhile, some smaller regional banks have floated the idea of a separate stablecoin initiative, though such an effort would likely face scalability and regulatory hurdles. The timing is crucial. With President Trump’s administration openly supportive of digital finance and his family’s firm launching its own stablecoin earlier this year, banks are under pressure to act. A clear legal framework could reshape the landscape, favoring compliant issuers and prompting a wave of innovation from legacy institutions. The post JPMorgan, BofA, Citi, Wells Fargo Eye Joint Stablecoin Venture: Report appeared first on Cryptonews .

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta