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Top U.S. banks are looking into potentially teaming up to issue a joint stablecoin, The Wall Street Journal has reported, citing people familiar with the matter, signaling that traditional and cryptocurrency finance may be moving closer together.
The early conceptual discussions have involved companies co-owned by JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and other large lenders. Those include Early Warning Services, which runs the digital payment network Zelle, and the payments system called Clearing House.
A final decision on the matter would depend on legislative actions for stablecoins and if there’s enough demand for such assets.
Some regional and community banks have also weighed pursuing a separate stablecoin consortium, according to the report, although this would likely be more difficult for smaller lenders.
Stablecoins are pegged to a reference asset like fiat currency, commodities or other financial instruments. Stablecoins could help speed up routine transactions like cross-border payments, although there is some skepticism about the assets’ security and regulatory implications.
The Trump administration has been working to establish a clear crypto regulatory framework. This week, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 – or GENIUS Act – was advanced by the Senate.
The bill aims to regulate stablecoin issuance with strict requirements on maintaining reserves, financial risk and consumer data privacy, among other criteria.