Major U.S. banks are discussing the joint issuance of a stablecoin. Interpretations suggest that the cryptocurrency market and traditional financial sector are rapidly converging, drawing attention to this movement.
According to the Wall Street Journal (WSJ), major banks including JP Morgan, Bank of America, Citigroup, and Wells Fargo, along with the Early Warning Service that operates the P2P payment platform Zelle and the real-time payment network Clearing House, are participating in the discussion.
According to sources, these discussions are at an initial conceptual stage, and implementation depends on related legislation and user demand. Particularly, as stablecoins were widely adopted during the Trump administration, large banks are concerned about potential deposit outflows and loss of payment market dominance.
Stablecoins are cryptocurrencies that suppress price volatility based on the value of real assets such as dollars or euros. They often function like digital dollars and are used as a base currency on cryptocurrency trading platforms. Collateral assets like U.S. Treasury bonds are sometimes used to maintain their value.
Currently, the 'Genius Bill' for stablecoin regulation is pending in the U.S. Senate, awaiting a plenary vote. While the bill restricts stablecoin issuance by non-bank companies, it does not include the full prohibition requested by the financial sector, leaving some disappointment.
Meanwhile, Donald Trump's sons, Donald Trump Jr. and Eric Trump, have also entered related businesses. In September last year, they sold their couple's meme coin through the 'World Liberty Financial (WLF)' platform, and in March this year, they also launched a stablecoin named 'USD1'. The market is focusing on the movements of individuals close to the political sphere.
This discussion among banks is seen as a signal that the boundaries between Wall Street's traditional finance and the cryptocurrency industry are becoming looser.
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