{"id":28231,"date":"2025-05-23T07:02:04","date_gmt":"2025-05-23T07:02:04","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=28231"},"modified":"2025-05-23T07:02:04","modified_gmt":"2025-05-23T07:02:04","slug":"major-us-banks-mulling-joint-stablecoin-venture-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=28231","title":{"rendered":"Major US Banks Mulling Joint Stablecoin Venture: Report"},"content":{"rendered":"<div>\n<p>America\u2019s biggest banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others, are in early discussions about creating a joint stablecoin to compete with the crypto industry, according to the Wall Street Journal, citing people familiar with the matter, on May 22.<\/p>\n<p>The conversations <a href=\"https:\/\/www.wsj.com\/finance\/banking\/crypto-stablecoin-big-banks-a841059e\" data-wpel-link=\"external\" target=\"_blank\">reportedly<\/a> involve bank-owned payment companies like Zelle operator Early Warning Services and the Clearing House.<\/p>\n<p>The bank\u2019s stablecoin ambitions are still in conceptual stages and dependent on upcoming stablecoin legislation and market demand, the report added.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">EVERYONE WANTS A PIECE OF THE PIE.<\/p>\n<p>JP MORGAN, WELLS FARGO, AND CITI BANK WANT TO LAUNCH THEIR OWN U.S. BANK-BACKED STABLECOIN.<\/p>\n<p>THIS COULD BE GREAT FOR ADOPTION.<\/p>\n<p>HORRIBLE FOR DECENTRALIZATION.<\/p>\n<p>BUT CRYPTO ISN\u2019T GOING ANYWHERE. <a href=\"https:\/\/t.co\/XLBSKI45tm\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/XLBSKI45tm<\/a><\/p>\n<p>\u2014 Kyle Chass\u00e9 \/ DD (@kyle_chasse) <a href=\"https:\/\/twitter.com\/kyle_chasse\/status\/1925761337512145286?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">May 23, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Banks Playing Catchup<\/h2>\n<p>The report comes just days after key stablecoin legislation was <a href=\"https:\/\/cryptopotato.com\/genius-stablecoin-bill-passes-to-next-stage-of-voting\/\" data-wpel-link=\"internal\">moved along<\/a> in US Congress.\u00a0On May 20, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, passed in a Senate vote and now sets up the bill for floor debate.<\/p>\n<p>American banks are growing concerned that under President Trump, stablecoins could become widely adopted and pose a threat to their deposits, transaction volume, and ultimately profits, especially if big tech companies enter the market.<\/p>\n<p>In March, the Trump family\u2019s DeFi platform World Liberty Financial said it would <a href=\"https:\/\/cryptopotato.com\/trumps-crypto-project-plans-to-issue-stablecoin-report\/\" data-wpel-link=\"internal\">launch a stablecoin<\/a>.\u00a0The banks are now playing catch-up after crypto regulatory crackdowns two years ago.<\/p>\n<p>They also see stablecoins as useful for speeding up routine transactions like cross-border payments, which currently take days through traditional systems.<\/p>\n<blockquote>\n<p>\u201cThe possibility of Wall Street\u2019s traditional powers teaming up to issue their own stablecoin marks the latest sign that mainstream and crypto finance are inching closer together,\u201d the WSJ stated.<\/p>\n<\/blockquote>\n<h2>A Threat to Stablecoin Issuers?<\/h2>\n<p>BitMEX founder Arthur Hayes hinted that this could be the demise of crypto stablecoin issuers such as Circle.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Bye bye Circle. Thanks for playing. <a href=\"https:\/\/t.co\/LmFPrv6KZK\" data-wpel-link=\"external\" target=\"_blank\">https:\/\/t.co\/LmFPrv6KZK<\/a><\/p>\n<p>\u2014 Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1925739441634652654?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">May 23, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, in reality, it is unlikely that US banks will be able to compete with global stablecoins, which are available to everyone. This is because users will likely need a US bank account and all the restrictions that come with it to use their products.<\/p>\n<p>Meanwhile, the crypto stablecoin market is currently worth $248 billion, which represents around 7% of the entire crypto market. Earlier this month, stablecoin liquidity reached a record high of $220 billion, <a href=\"https:\/\/cryptopotato.com\/stablecoin-liquidity-reaches-record-high-220b-report\/\" data-wpel-link=\"internal\">reported<\/a> <em>CryptoPotato<\/em>.<\/p>\n<p>In early May, US Treasury researchers <a href=\"https:\/\/cryptopotato.com\/us-treasury-predicts-stablecoin-market-could-surge-to-2-trillion-by-2028\/\" data-wpel-link=\"internal\">predicted<\/a> that there could be an increase of more than 8x from the current stablecoin market cap, propelling it to about $2 trillion by 2028.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/major-us-banks-mulling-joint-stablecoin-venture-report\/\" rel=\"nofollow\">Major US Banks Mulling Joint Stablecoin Venture: Report<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>America\u2019s biggest banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others, are in early discussions about creating a joint stablecoin to compete with the crypto industry, according to the Wall Street Journal, citing people familiar with the matter, on May 22. The conversations reportedly involve bank-owned payment companies like Zelle operator Early [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-28231","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28231"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/28231\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}