From Yahoo Finance: 2025-05-22 21:57:00

Some of the largest U.S. banks are discussing the possibility of issuing a joint stablecoin, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. These talks are in early stages and may evolve. Stablecoins are cryptocurrencies designed to maintain a constant value, often pegged to a fiat currency like the U.S. dollar.

A potential model being considered would allow other banks to use the stablecoin, in addition to the co-owners of Clearing House and Early Warning Services. Regional and community banks are also exploring creating a separate stablecoin consortium. President Trump has expressed support for cryptocurrencies, believing they can enhance the banking system and strengthen the dollar.

The discussions about a joint stablecoin involving major U.S. banks are still in preliminary stages and could change. Citigroup, Bank of America, and Wells Fargo declined to comment on the report, while JPMorgan did not respond to requests for comment. Stablecoins are used by cryptocurrency traders to transfer funds between tokens, offering stability compared to other cryptocurrencies.



Read more at Yahoo Finance: Some US banks explore venturing into crypto with joint stablecoin, WSJ reports