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Big US banks said to be exploring stablecoin launch

By API User | May 23, 2025

Several major United States banks are discussing the launch of a joint stablecoin, a type of digital currency meant to maintain a fixed value, The Wall Street Journal reported, citing people familiar with the matter.

The talks involve JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. along with companies they co-own such as Early Warning Services LLC, which operates Zelle, and The Clearing House Payments Co. LLC, which runs a real-time payments network. The proposed stablecoin aims to speed up payments, especially for cross-border transactions and help banks “compete with the crypto industry.” The effort reportedly remains in early stages and may shift depending on demand and regulation.

NN: This is a big mistake