Companies linked to JPMorgan, Bank of America, Citigroup, and Wells Fargo are reportedly in discussions to jointly issue a crypto stablecoin, according to The Wall Street Journal. The talks include other financial institutions, such as Early Warning Services and the Clearing House payment network. These discussions are still in early stages, subject to regulatory developments and market demand for stablecoins. The US Senate recently voted in favor of the GENIUS Act, which aims to establish a regulatory framework for stablecoins, including Anti-Money Laundering compliance. There is rising interest in stablecoins, with their total market capitalization witnessing a 20% increase this year, reaching approximately $205 billion. Notably, stablecoins now comprise nearly 4.5% of this market. Experts suggest that the American banking sector is reacting to the growing influence of stablecoins on its traditional business model. Meanwhile, Meta is also exploring incorporating stablecoin payments into its platforms.

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