Major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are in early discussions about jointly issuing a crypto stablecoin, according to the Wall Street Journal. The talks involve companies associated with these banks, as well as Early Warning Services (the operator of Zelle) and The Clearing House, a real-time payments network.
These preliminary discussions are aimed at countering growing competition from the cryptocurrency sector and could lead to a consortium model that allows additional banks to use the stablecoin. The stablecoin would be pegged to the U.S. dollar, facilitating faster and cheaper transactions, including cross-border payments, which are typically slow and costly through traditional banking systems.
The outcome of these talks remains uncertain and will likely depend on regulatory developments, especially with the GENIUS Act—a bill currently under Senate debate that aims to establish a regulatory framework for stablecoins. The demand for stablecoins has surged, with their market capitalization rising from $205 billion to $245 billion in 2025, reflecting increased adoption by institutions and nation-states.
The banks have not made any official announcements, and the discussions are still in the conceptual phase. The move is seen as a strategic effort by traditional financial institutions to remain competitive as digital payments and crypto assets gain traction.
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