Several of the United States’ largest banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are reportedly in early discussions to jointly launch a stablecoin initiative aimed at accelerating transaction speeds and countering growing competition from crypto-native firms. According to the Wall Street Journal, the talks involve leveraging existing bank-owned payment platforms such as The Clearing House and Zelle as potential infrastructure for the project.
Sources indicate that while the discussions are preliminary, the participating banks are also considering opening the stablecoin framework to other financial institutions outside the core group. The goal is to create a stable, bank-backed digital asset that could serve as an industry-standard settlement tool for faster and more secure payments.
This move comes as lawmakers in Washington advance stablecoin legislation, including the Guiding and Establishing National Innovation for Stablecoin Act (GENIUS Act), which aims to provide regulatory clarity and foster innovation within the digital asset space. By entering the stablecoin market, the banks are positioning themselves to lead within a soon-to-be-regulated environment, potentially reshaping the role of traditional finance in the digital payments ecosystem.