Major US Banks Consider Collaborative Stablecoin Amid Crypto Rise
The increasing acceptance of stablecoins has attracted the attention of major banks. Some of the largest US banks are reportedly in preliminary discussions to launch a unified stablecoin to compete with the growing popularity of cryptocurrencies and digital payment methods.
According to a Wall Street Journal report from May 22, 2025, discussions involved banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. The initiative is still in its early conceptual phase and is contingent on forthcoming regulatory frameworks regarding stablecoins.
Wall Street Stablecoin in the Making?
🚨 WALL STREET STABLECOIN?
JPMorgan, BofA, Wells Fargo, and Citi are exploring a joint crypto stablecoin. But if banks control the network… how is this NOT a CBDC? 🤔
Decentralization on the line.
The project may involve Early Warning Services and The Clearing House—key players in the US payment structure.
GENIUS Act Advances With 66 Votes
The US Senate has advanced the GENIUS Act, aimed at regulating stablecoins. This bipartisan bill passed a procedural vote with a significant majority: 66 in favor and 32 against, indicating robust momentum for clearer regulations.
Key highlights of the bill include:
- 1:1 asset backing
- Anti-money laundering compliance
- Consumer protections
This legislative move signifies a crucial step toward legitimizing digital assets, especially stablecoins, within the financial ecosystem.
Key Takeaways
- Major banks are considering a collaborative stablecoin to mitigate competition from cryptocurrencies.
- The potential of stablecoins as “digital dollars” poses a threat to traditional banking, prompting banks to devise their own solutions.
For more updates on the evolving landscape of cryptocurrency regulations, check out the following link: Best New Cryptocurrencies to Invest in 2025.
