JPMorgan, Bank Of America, And Other Banking Titans Discussing Joint Stablecoin To Tackle Crypto Competition: Report
Top U.S. banks are contemplating a joint venture to issue a dollar-pegged stablecoin in an attempt to counter the increasing competition from the cryptocurrency sector, according to a report dated Thursday.
What Happened: Companies co-owned by JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC) are exploring the possibility of a joint stablecoin, the Wall Street Journal reported, citing sources familiar with the matter. The discussions, still in their infancy, involve Early Warning Services, the operator of mobile payment app Zelle, and the Clearing House, a real-time payment network.
The decision to proceed with the stablecoin will hinge on several factors, including legislative actions around stablecoins and the demand for them. The banking industry has been gearing up for the potential widespread adoption of stablecoins, …
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