Major U.S. Banks Consider Joint Stablecoin Initiative

Prominent U.S. banks, including JPMorgan Chase and Bank of America, are in discussions to launch a collaborative stablecoin venture. The plan aims to strengthen their digital payments infrastructure. Banks seek to leverage blockchain technology to offer secure, efficient transactions, enhancing their competitive edge in the financial sector.

In a significant move, some of the largest U.S. banks are considering a collaborative effort to introduce a joint stablecoin, as reported by The Wall Street Journal.

According to sources familiar with the developments, discussions are underway among financial giants, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, among others.

This initiative is expected to bolster the digital payments landscape by leveraging blockchain technology, a step that would enhance transaction security and efficiency while maintaining the banks' competitive standing within the financial industry.

(With inputs from agencies.)