A group of leading US banks is reportedly in early discussions about launching a joint stablecoin, a move that could reshape their role in the evolving digital payments space.
According to a Wall Street Journal report on Thursday, institutions such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the potential creation of a shared digital currency.
The initiative, which remains in the conceptual phase, would likely involve companies jointly owning payment systems like Early Warning Services—operator of Zelle—and the Clearing House. While specifics are still being debated, the idea includes the possibility of allowing other financial institutions access to the stablecoin, not just the founding banks.
Stablecoins are a class of cryptocurrency designed to maintain a stable value by being pegged to traditional currencies, such as the US dollar. They are widely used in crypto markets for trading and transferring value and are increasingly seen as a potential bridge between traditional finance and digital assets.
The banks’ consideration of a stablecoin appears to be motivated by both competitive and strategic concerns. The traditional banking sector has been under pressure to respond to innovations in digital finance, particularly as crypto-native firms and technology companies gain traction. Some in the industry believe a bank-issued stablecoin could help modernize payment systems, especially for tasks like cross-border transactions, which are often slow and costly under current frameworks.
However, sources familiar with the matter note that the project’s future is uncertain. It would likely depend on forthcoming legislation, such as the GENIUS Act, which aims to define how banks and nonbanks can issue stablecoins. The Senate recently moved this bill forward, although debates continue around its scope and impact.
Some regional and community banks are also reportedly evaluating whether to form a separate consortium for issuing their own stablecoin. Yet analysts suggest such efforts may face higher barriers due to scale and regulatory challenges.
This renewed interest from Wall Street in stablecoins comes as President Donald Trump has publicly expressed support for cryptocurrency, promising to make the US more accommodating to digital assets. He has promoted the role of crypto in strengthening the dollar and has even launched his own meme coin and hosted related events.
At this stage, none of the banks involved have confirmed the discussions or commented publicly on the matter.
With input from Reuters and the Wall Street Journal.
