Major U.S. banks are weighing the launch of joint stable businesses to resist crypto competition.
Financial heavyweights such as JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) have discussed the topic, i.e. According to the Wall Street Journalciting people familiar with this matter. The report added that negotiations are still in an early stage and may change.
Within the consortium, these bank power plants own payment companies, such as early warning services running Zelle, and clearinghouses that handle real-time payments.
Stable Pegged by cryptocurrencies, such as fiat currencies or commodities, can resolve transactions in seconds. Banks believe their potential has the potential to improve their business, and international remittances currently take several days through traditional systems.
An idea proposed in the consortium’s negotiations is to open the Stablecoin model to banks outside the core group. The WSJ added that regional banks have also explored similar avenues and cited information familiar with the discussion.
With the few inches of Washington adjusting, the push comes. Senate recently provides guidance and build national innovation for US Stablecoin (Genius) BehaviorSenator Hagerty (R-Tenn) describe As the “first ever to promote training framework for payment stability”. ”
An improved regulatory environment has been seen Crypto companies seek banking charterfurther increasing the pressure on banks.
Some of these large financial institutions have taken action. SociétégénéraleStable shares denominated by euroEurcv, back in 2023, through its cryptocurrency SG Forge. It is reportedly looking for US dollar stable stocks.
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