Some of the largest U.S. banking companies are reportedly exploring a team to launch cryptocurrency companies.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo owned companies discuss the possibility of co-issuing a stable Wall Street Journal Report On May 22, people familiar with the matter were quoted.
Other financial institutions associated with potential Stablecoin include early warning services, the parent company of the digital payment network Zelle and the payment network clearing house.
Discussions are still in their early stages and final decisions on projects may change based on regulatory environment and demand for stability.
A JPMorgan spokesman told Cointelegraph that the company did not comment. Bank of America, Citigroup and Wells Fargo did not immediately respond to requests for comment.
On May 20, the U.S. Senate voted 66-32 A discussion of progress in the stable guidance and establishment of the National Innovation (Genius) Act.
The bill outlines the regulatory framework for stabilizing collateral and requires compliance with anti-money laundering laws. The bill will now be debated in the Senate.
Earlier this week, White House Crypto Tsar David Sacks said he Expected bill Will be passed and will receive bipartisan support.
But the Senior Democratic Party Plan Amendment bill Includes a clause that prohibits President Donald Trump and other U.S. officials from profiting from Starburn.
Trump and his family launched the crypto platform World Free Finance, which demarcated the USD1 Stablecoin in March. Critics believe President Trump Benefit from personal benefit By passing favorable stability regulations.
Related: World Free Finance Refresh Congress’s Supervision Issues
Stablecoin demand surges
National adoption and institutions want to incorporate Stablecoins, and demand for Stablecoins has been rising.
Stablecoins’ total market value has started $245 billion From $205 billion starting at the beginning of this year, an increase of 20%.
Earlier this week, it was reported Load-bearing stabilizer Now, accounting for nearly 4.5% of the entire Stablecoin market, with supply of $11 billion.
Austin Campbell, a professor at New York University and founder of zero-knowledge consulting firm, said the U.S. banking hall was “panic” as Stablecoins Will destroy tradition Banking business model.
Earlier this month, it was reported that tech giant Yuanshi explore Methods to incorporate Stablecoin payments into its platform.
Magazine: Crypto wants to overthrow the bank and is now in a fight at Stablecoin
