Wall Street Banks Explore Joint Stablecoin to Compete With Crypto

According to the information, the potential collaboration includes banking giants like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, with involvement from entities such as Early Warning Services (the operator of Zelle) and The Clearing House, which runs a real-time payments network.

Still in the conceptual stage, the proposed stablecoin would function like a digitized dollar, aimed at streamlining routine financial transactions such as cross-border payments—a market currently dominated by crypto-native stablecoins like USDT and USDC.

The talks come amid a shifting regulatory landscape and rising concern within traditional finance that stablecoins, particularly if adopted by big tech or retail giants, could erode deposit bases and divert transaction flows from banks. The effort reflects Wall Street’s attempt to catch up after falling behind during the past few years of crypto innovation.

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Whether the consortium proceeds will likely depend on forthcoming U.S. legislation around stablecoins and digital asset regulation—particularly under the influence of a pro-crypto Trump administration.

If successful, this project could mark a historic convergence between traditional banking and blockchain-based finance, reshaping the future of money movement in the U.S. and globally.

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