From Cointelegraph

May 23, 2025 2:27 am:

Some of the biggest US banks are considering launching a crypto stablecoin, including JPMorgan, Bank of America, Citigroup, and Wells Fargo. Discussions are still in early stages, with potential involvement from other financial institutions. The US Senate voted to advance the GENIUS Act for stablecoin regulation.

Stablecoin demand is rising, with a market cap increasing from $205 billion to $245 billion this year. Yield-bearing stablecoins now make up nearly 4.5% of the market, with a $11 billion circulating supply. American banking lobby is concerned about disruption to traditional banking models. Meta is exploring stablecoin integration.

The bill under discussion outlines a regulatory framework for stablecoin collateralization and compliance with AML laws. White House crypto czar David Sacks expects bipartisan support for the bill, but high-ranking Democrats plan to amend it to prevent Trump and other officials from profiting from stablecoins. Critics argue that Trump could benefit personally from favorable regulation.

Read more at Cointelegraph: US big banks hold early talks on joint crypto stablecoin: WSJ