Major U.S. banks are exploring a joint stablecoin initiative to counter rising competition from crypto markets, according to The Wall Street Journal. JPMorgan, Bank of America, Citigroup, and Wells Fargo are in early talks about the initiative. The discussions also involve Early Warning Services, which operates Zelle, and the Clearing House, a real-time payment network. The stablecoin plans are still in early stages and depend on future legislation and market demand. Banks see potential in stablecoins for faster transactions, especially cross-border payments, but regulatory uncertainty and demand concerns remain hurdles.
