According to a report by Reuters, major U.S. banks including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are in early-stage discussions about launching a jointly issued stablecoin.

According to The Wall Street Journal, those discussions may involve entities co-owned by the banks such as Early Warning Services and The Clearing House, and seek to leverage bank-trusted infrastructure with distributed-ledger technology.

Per a report in American Banker, the collaboration is driven by regulatory momentum behind stablecoin legislation—specifically the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)—and the banks’ interest in retaining payments infrastructure relevance amid fast-moving fintech competition. American Banker

The joint stablecoin initiative would aim to facilitate faster settlements, reduce friction in cross-border payments and retain the U.S. dollar’s role in digital finance by anchoring a bank-issued coin to the dollar. FinTechtris+1

The banks involved have not confirmed the project publicly, and sources estimate the effort remains conceptual with no firm timeline or product design yet finalized

^{BitcoinVersus.Tech Editor’s Note:We volunteer daily to ensure the credibility of the information on this platform is Verifiably True. If you would like to support to help further secure the integrity of our research initiatives, please donate here}