High US Banks Mull Joint Stablecoin

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Senate Passes Stablecoin Invoice Associated Articles:

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High US banks, together with JPMorgan, Financial institution of America, Citigroup, and Wells Fargo, are in early talks about launching a joint stablecoin, the Wall Avenue Journal reported.

The banks would use corporations they partly personal to assist launch such a stablecoin, the newspaper reported, citing sources acquainted with the matter. The businesses embrace funds community The Clearing Home and Early Warning Companies LLC, a fintech behind funds system Zelle.

WELLS FARGO, CITI, AND JP MORGAN IN TALKS TO LAUNCH U.S. BANK-BACKED STABLECOIN
– A few of the largest U.S. banks, together with JPMorgan Chase, Wells Fargo, Citigroup, and Financial institution of America, are exploring a joint stablecoin mission.
– In accordance with The Wall Avenue Journal, these… pic.twitter.com/oDz1pa4MGd
— BSCN (@BSCNews) Might 23, 2025

The banks wish to create a stablecoin backed 1:1 by the US greenback, the report stated. The banks have but to touch upon the plan.

Senate Passes Stablecoin Invoice

The information comes simply days after the US Senate superior the GENIUS Act, a invoice that might set landmark laws for stablecoins.

Bitwise Asset Administration says this invoice could possibly be larger for crypto than even the launch of spot Bitcoin ETFs (exchange-traded funds) early final 12 months.

“Outdoors of the January 2024 approval of spot bitcoin ETFs, that is crucial regulatory improvement within the historical past of crypto,” stated Bitwise’s chief funding officer Matt Hougan in a Might 20 weblog put up. ”It might even be larger.”

Hougan stated the laws needs to be handed in the summertime, setting the stage for a ”long-term, sustained rally in crypto property past bitcoin.”

Nonetheless, the invoice, which is seen serving to to legitimize crypto property, faces opposition from Democrats together with Senator Elizabeth Warren, who has warned that it will assist enrich the household of President Donald Trump.

“The elephant within the room, in fact, is how the president is launching his personal stablecoin and making a whole lot of hundreds of thousands of {dollars}, reportedly, and the invoice does nothing to make it clear that we oppose that sort of profiteering within the president’s workplace,” stated Senator Tina Smith, who voted towards the invoice.