Major U.S. banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are in early discussions to create a joint stablecoin in response to growing competition from the crypto industry. The effort aims to modernize payments and retain relevance as stablecoins gain traction, especially under a crypto-friendly Trump administration. While still conceptual, the project depends on upcoming legislation like the GENIUS Act, which could shape who is allowed to issue stablecoins. Regional banks are also exploring separate efforts, though with more difficulty. Source: Wall Street Journal
