Jpmorgan Chase, Bank of America and other large banks would have explored a shared stablecoin to keep up with the increase in competition.
Some of the largest American banks explore a plan to jointly issue a stablecoin as legislators are getting closer to the approval of new rules for digital assets, according to people familiar with the issue, Wall Street Journal reported on Friday.
The banks involved in the first talks included Jpmorgan Chase, Bank of America, Citigroup and Wells Fargo. The discussions also involve companies that they are co -owners, such as early alert services, which operates Zelle and the Clearing House. These talks are still in “early concept stages and could change,” said the source.
An idea that would have been discussed is to allow other banks to use stablecoin. Some regional and community banks would also have explored a distinct stablecoin consortium, although the details remain vague.
The news comes only a few days after the US Senate voted to advance the Act on Engineering, a bill that would create a regulatory framework for stablecoins. The bill adopted a key procedural vote 66-32 on Monday, May 19, paving the way for a complete debate. It would force issuers to have full dollars reserves, have audits and follow additional rules to issue more than $ 50 billion in token.
President Donald Trump also supports stablecoins. His advisor David Sacks declared in a recent interview that the regulations could bring “billions of dollars in demand for our treasury bills practically overnight, very quickly”.
