Wall Street Eyes Joint Stablecoin as U.S. Regulation Advances

Several of America’s largest banks—including entities tied to JPMorgan, Bank of America, Citigroup, and Wells Fargo—are exploring the creation of a shared stablecoin, according to sources familiar with the discussions.

Early Warning Services (Zelle’s parent company) and The Clearing House are also reportedly involved.

The project is still in its early stages and may evolve depending on regulatory developments and market demand. None of the institutions have issued formal statements.

The talks come just as the U.S. Senate advances the GENIUS Act, a bill aimed at regulating stablecoin issuance and ensuring AML compliance. Crypto advisor David Sacks anticipates bipartisan support for its passage.

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However, the legislation has sparked controversy. Democrats are proposing amendments to block Donald Trump and other officials from profiting, following the launch of USD1, a Trump-backed stablecoin introduced in March.

With regulation on the horizon, major banks appear to be preparing for a stablecoin future—on their own terms.

Alexander Stefanov