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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 Road Journal reported.
The banks would use corporations they partly personal to assist launch such a stablecoin, the newspaper reported, citing sources aware of 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 number of the greatest U.S. banks, together with JPMorgan Chase, Wells Fargo, Citigroup, and Financial institution of America, are exploring a joint stablecoin venture.
– In line with The Wall Road Journal, these… pic.twitter.com/oDz1pa4MGd
— BSCN (@BSCNews) Could 23, 2025
The banks need to create a stablecoin backed 1:1 by the US greenback, the report mentioned. 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 may set landmark laws for stablecoins.
Bitwise Asset Administration says this invoice may very well be larger for crypto than even the launch of spot Bitcoin ETFs (exchange-traded funds) early final yr.
“Outdoors of the January 2024 approval of spot bitcoin ETFs, that is crucial regulatory growth within the historical past of crypto,” mentioned Bitwise’s chief funding officer Matt Hougan in a Could 20 weblog publish. ”It could even be larger.”
Hougan mentioned the laws must 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 tons of of thousands and thousands of {dollars}, reportedly, and the invoice does nothing to make it clear that we oppose that form of profiteering within the president’s workplace,” mentioned Senator Tina Smith, who voted towards the invoice.
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