Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are exploring the potential launch of a joint stablecoin to enhance transaction speeds and efficiency, while countering the competition from cryptocurrency firms. According to reports, discussions are at early stages and may evolve as banks assess the regulatory landscape and the competitive pressure from the crypto sector. The proposed stablecoin might be accessible to other banks, indicating an interest from regional banks as well. This initiative occurs against a backdrop of advancing regulatory frameworks aimed at stablecoins. The Senate is moving towards establishing a regulatory structure for payment stablecoins, further encouraging banks to innovate in this space. Some financial institutions have already taken steps in the crypto domain, with companies such as Société Générale launching stablecoins through their crypto arms.

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