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Top US banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are in early talks about launching a joint stablecoin, the Wall Street Journal reported.
The banks would use companies they partly own to help launch such a stablecoin, the newspaper reported, citing sources familiar with the matter. The companies include payments network The Clearing House and Early Warning Services LLC, a fintech behind payments system Zelle.
WELLS FARGO, CITI, AND JP MORGAN IN TALKS TO LAUNCH U.S. BANK-BACKED STABLECOIN
– Some of the biggest U.S. banks, including JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America, are exploring a joint stablecoin project.
– According to The Wall Street Journal, these… pic.twitter.com/oDz1pa4MGd
— BSCN (@BSCNews) May 23, 2025
The banks want to create a stablecoin backed 1:1 by the US dollar, the report said. The banks have yet to comment on the plan.
Senate Passes Stablecoin Bill
The news comes just days after the US Senate advanced the GENIUS Act, a bill that would set landmark legislation for stablecoins.
Bitwise Asset Management says this bill could be bigger for crypto than even the launch of spot Bitcoin ETFs (exchange-traded funds) early last year.
“Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto,” said Bitwise’s chief investment officer Matt Hougan in a May 20 blog post. ”It may even be bigger.”
Hougan said the legislation should be passed in the summer, setting the stage for a ”long-term, sustained rally in crypto assets beyond bitcoin.”
Still, the bill, which is seen helping to legitimize crypto assets, faces opposition from Democrats including Senator Elizabeth Warren, who has warned that it would help enrich the family of President Donald Trump.
“The elephant in the room, of course, is how the president is launching his own stablecoin and making hundreds of millions of dollars, reportedly, and the bill does nothing to make it clear that we oppose that kind of profiteering in the president’s office,” said Senator Tina Smith, who voted against the bill.
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