Major US Banks Consider Joint Stablecoin Venture

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Several leading US banks are in early discussions about collaborating to issue a shared stablecoin, according to a Wall Street Journal report on Thursday.

The talks involve institutions co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks, the report noted, citing sources familiar with the matter. However, the discussions remain preliminary and could evolve, with no final decisions made.

Stablecoins—a type of cryptocurrency pegged to stable assets like the US dollar—are widely used by crypto traders to transfer funds across digital tokens.

The potential consortium model could allow other banks, beyond the co-owners of The Clearing House and Early Warning Services, to adopt the stablecoin, the Journal added, referencing unnamed sources.