US' Largest Banks Explore Joint Stablecoin to Boost Transactions, Defend Deposits
The United States' largest banks are exploring a joint stablecoin, a digital dollar, to streamline transactions and defend against potential deposit loss to stablecoins. Discussions, led by key figures like Brian Moynihan of Bank of America, are in early stages and involve JPMorgan, Citigroup, and Wells Fargo. President Trump's pro-crypto stance may be influencing this move.
The stablecoin, if implemented, could significantly accelerate and simplify routine transactions, especially cross-border payments. The US Senate's recent advancement of the GENIUS Act, which aims to create a regulatory framework for stablecoin issuance, may have encouraged these discussions. The talks are in their early stages and depend on factors such as regulatory clarity and market demand.
Traditional banking giants are now considering issuing a joint stablecoin, a shift from their initial skepticism towards cryptocurrencies. This move could be influenced by President Trump's pro-crypto stance and his family's involvement in stablecoins.
The largest US banks, including JP Morgan Chase, Bank of America, Citigroup, and Wells Fargo, are exploring a joint stablecoin. Led by key figures in the industry, these discussions are in early stages and depend on various factors. The potential benefits include streamlined transactions and deposit loss defense, with the US Senate's GENIUS Act providing a potential regulatory pathway.
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