Some of the biggest U.S. banks are exploring whether to team up to issue their own stablecoin, a type of cryptocurrency engineered to maintain a stable value, typically pegged to fiat or liquid securities such as the U.S. dollar or U.S.Treasuries. This would be instead of using privately issued stablecoin like Circle’s USDC. Discussions have occurred among major banks like JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others. The potential model under consideration for the bank consortium would permit banks, in addition to the co-owners of the Clearing House and Early Warning Services, to employ the stablecoin, as reported by unnamed sources in the Wall Street Journal. It might also undercut Circle’s and other private issuer attempts to go public.
Major US banks Explore Venturing into Crypto with Own Stablecoin
