America’s Biggest Banks Consider Joining Forces to Challenge $245B Stablecoin Market

Mars Finance News: According to the Wall Street Journal, major U.S. banks, including JPMorgan Chase and Bank of America, are exploring a joint stablecoin project to directly compete with the crypto industry's growing dominance in digital payments. These banks are discussing the initiative through their jointly owned payment companies, including Early Warning Services and the Clearing House. The move depends on upcoming stablecoin legislation, such as the bipartisan GENIUS Act, which aims to regulate payment stablecoins by setting federal reserve standards, transparency, and issuer oversight. The bill made progress in the Senate this week. If the bill becomes law, stablecoins could accelerate the widespread adoption of digital assets and enhance the investment value of Bitcoin and other cryptocurrencies.