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US banks are planning a joint stablecoin: Big merger in sight!
US banks are exploring the creation of a common stablecoin to compete with the crypto industry. Current developments.
US banks are planning a joint stablecoin: Big merger in sight!
Some of the largest US banks are considering a merger to issue a common stablecoin. These discussions involve organizations co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major commercial banks. This initiative could revolutionize the way digital payments are processed by competing with the emerging cryptocurrency industry. However, discussions are currently at an early, conceptual stage, meaning plans could change at any time. Reuters has not yet been able to confirm the report on the talks, and the banks involved did not respond to requests for comment.
Stablecoins, which are a special form of cryptocurrency, aim to maintain a constant value, typically pegged to fiat currencies such as the US dollar. They are particularly popular with crypto traders who use them to move funds between different tokens. A model being discussed for the potential banking consortium would allow other banks to also use the shared stablecoin.
Partnerships and infrastructure
A crucial aspect of the project is the collaboration with Early Warning Services (EWS) and The Clearing House (TCH). EWS operates the Zelle peer-to-peer payment network and is co-owned by seven major US banks. TCH, on the other hand, is responsible for real-time interbank payments and includes two dozen of the world's largest banks in its ownership structure. These existing infrastructures could provide a valuable foundation for the new stablecoin.
However, the future of this stablecoin project depends heavily on regulatory clarity and market demand. The GENIUS Act, which recently passed a key procedural vote of 69-31 in the Senate, aims to create a framework for the issuance of stablecoins by banks and non-banks. The proposed law is currently in the amendment phase in the Senate, while a full vote is expected in the coming weeks.
In addition to the aforementioned consortium, some regional and municipal banks have also considered forming a separate stablecoin consortium. These developments could significantly impact the entire financial system in the United States and usher in a new era of digital currencies.