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The best American banks, including JPMorgan, Bank of America, Citigroup and Wells Fargo, are at the start of talks on the launch of a mixed stablecoin, the Wall Street Journal reported.
Banks would use companies that they partially owned to help launch such a stablecoin, reported the newspaper, citing sources familiar with the issue. Companies include payments Network The Clearing House and Early Warning Services LLC, a fintech behind the Zelle payment system.
Wells Fargo, Citi and JP Morgan in talks to launch American banking stablecoin
– Some of the largest American banks, including Jpmorgan Chase, Wells Fargo, Citigroup and Bank of America, explore a joint Stablecoin project.
– According to the Wall Street Journal, these … pic.twitter.com/odz1pa4mgd
– BSCN (@BScnews) May 23, 2025
Banks want to create a sustained stablecoin 1: 1 by the US dollar, according to the report. Banks have not yet commented on the plan.
The Senate adopts the bill on stables
The news comes only a few days after the US Senate has advanced the law on engineering, a bill that would establish historical legislation for stablecoins.
Bitwise Asset Management indicates that this bill could be more important for crypto than even the launch of Spot Bitcoin ETF (funds negotiated in exchange) at the beginning of last year.
“Apart from the January 2024 approval of the FNB Bitcoin, it is the most important regulatory development in the history of the crypto,” said Bitwise investment director Matt Hougan in a blog article on May 20. “He can even be bigger.”
Hougan said that the legislation should be adopted in summer, paving the way for a long-term sustained rally and supported in cryptographic assets beyond bitcoin “.
However, the bill, which is considered helping to legitimize cryptographic assets, faces the opposition of the Democrats, including Senator Elizabeth Warren, who warned that it would help to enrich the family of President Donald Trump.
“The elephant in the room, of course, is how the president launches his own stable and wins hundreds of millions of dollars, and the bill does nothing to clearly indicate that we oppose this type of profit in the office of the president,” said senator Tina Smith, who voted against the bill.
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