JPMorgan, Citigroup Among US Banks Mulling Joint Dollar-Backed Stablecoin: WSJ
Top US banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are in early talks about launching a joint stablecoin, the Wall Street Journal reported. The banks would use companies they partly own to help launch such a stablecoin, the newspaper reported, citing sources familiar with the matter. The companies include payments network The Clearing House and Early Warning Services LLC, a fintech behind payments system Zelle. WELLS FARGO, CITI, AND JP MORGAN IN TALKS TO LAUNCH U.S. BANK-BACKED STABLECOIN – Some of the biggest U.S. banks, including JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America, are exploring a joint stablecoin project. – According to The Wall Street Journal, these… pic.twitter.com/oDz1pa4MGd — BSCN (@BSCNews) May 23, 2025 The banks want to create a stablecoin backed 1:1 by the US dollar, the report said. The banks have yet to comment on the plan. Senate Passes Stablecoin Bill The news comes just days after the...