Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are in early talks to launch a shared stablecoin.
These discussions are happening now through their jointly owned payment firms, such as Early Warning Services and the Clearing House, a Wall Street Journal report says.
The goal is to challenge the growing use of crypto payment tokens and offer banks their digital dollar alternative. Sources familiar with the matter say plans could still shift, as the idea remains in a conceptual phase.
Banks Explore Stablecoin Consortium
Banks have discussed a model that would allow not only the co‐owners of Early Warning Services and the Clearing House but also other financial institutions to use the stablecoin.
Some regional and community banks have weighed forming a separate group to develop their version. If successful, this coalition could provide a bank-issued token for faster payments and reduce reliance on existing crypto coins.
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Those involved believe a collaborative approach could spread costs and build trust more quickly than going it alone.
Regulatory Changes Open Doors
The return of Donald Trump to the White House has shifted the climate for digital assets. Trump has called himself a “crypto president” and said he supports digital currencies for improving the banking system and boosting the dollar’s global role.
At the same time, the Senate advanced the GENIUS Act, a bipartisan bill that would set federal rules for payment stablecoins.
It aims to ensure issuers meet reserve requirements, maintain transparency and undergo oversight. Banks see these moves as a signal that regulators might finally welcome bank-linked digital coins.
Crypto Firms Seek Banking Status
While traditional banks have largely pulled back from crypto since the collapse of FTX and the failure of Silvergate and Signature Bank, digital asset firms have been pushing for bank-like privileges.
Companies such as Circle, BitGo, Coinbase and Paxos are lobbying regulators for charters that would let them offer deposit accounts, payments and custody services.
These firms believe that obtaining bank status will help them serve customers more fully and enhance trust in their tokens. With banks now eyeing a stablecoin, crypto companies are racing to cement their role in the evolving U.S. system.
The talks among major banks are still tentative and could change or even be abandoned. Yet the discussion itself shows how the landscape has shifted.
As regulators move closer to defining rules for stablecoins and political leaders voice support, both traditional banks and crypto firms see new openings.