Large American banks weigh the launch of a spouse stable to repel cryptographic competition.
Financial heavy goods vehicles like JPMorgan Chase (JPM), Bank of America (Bac), Citigroup (C) and Wells Fargo (WFC), had a discussion on the subject, reported the Wall Street Journal, citing people familiar with the question. The talks are still at the start of the stadiums and could change, added the report.
Within the consortium are also payment companies belonging to these banking powers, such as early alert services, which manages Zelle, and the compensation house, which manages real -time payments.
Stablecoins are cryptocurrencies set at the value of another asset as a fiduciary currency or product, can settle transactions in a few seconds. Banks see the potential in them to improve their operations, the sending of international funds currently taking days thanks to the traditional system.
A floated idea in consortium talks is a stablecoin model open to other banks beyond the central group. Regional banks have also explored similar paths, adds the WSJ, citing familiar sources with discussions.
The push occurs while Washington Pouce towards the regulations. The Senate recently advanced the law on the guidance and the establishment of national innovation for the United States (engineering), which Senator Hagerty (R-TENN) described as the one who “establishes the very first pro-growth regulatory framework for payment staboins”.
Improving the regulatory environment has seen cryptographic companies search for banking charters, adding more pressure to banks.
Some of these large financial institutions have already moved. Société Générale launched a stablecoin at the Euro in Euro, EURCV, in 2023 via its crypto SG Forge arm. He would also have tried to launch a stablecoin to an American dollar.
Read more: Approval of the Stablecoin invoice in the United States could trigger a long-term cryptographic bull market: Bitwise
