Wall Street plans StableCoin: US banks attack crypto competition
Several US large-scale banks are working on a common StableCoin project to help shape the digital payment transactions of the future-and to regain control.
According to one Message The Wall Street Journal have several US banks-including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and US Bank-discussions about the development of a common stable coin that is supposed to be linked to the US dollar. The tokens are to run on an interoperable platform that is handled together via existing payment systems such as cells and the network of The Clearing House. The goal: a regulated stable coin alternative that can exist against the crypto-native competition such as USDC from Circle and USDT from Tether.
Why use banks on stable coins
Stable coins have developed into a central component of the digital financial ecosystem in recent years. With a current overall market volume of over 245 billion USD, crypto companies such as Tether (USDT) and circle (USDC) this area. Banks are increasingly being pushed to the edge, especially in the area of cross-border payments and on-chain transactions.
A separate stable coin would enable banks to offer transactions in real time, 24/7 and with a lower settlement risk-without being dependent on external blockchains. At the same time, they keep regulatory control and customer loyalty.
Regulation & future perspective
The project could be through the GENIUS Act Receive tailwind – a draft law that would regulate and approve stable coins in the United States at federal level. If this framework comes into force, banks could bring their own digital dollar products on the market faster.
The talks are still in an early phase, but the participation of well -known banks indicates a new phase of digital transformation in traditional finance – with stable coins as a connecting element between crypto and banking world.
Interest from abroad
In addition to US institutes, European and Asian banks also observe the development with interest. The prospect of a regulated, bank -based stable coin is considered a possible gamuchanger for international payment transactions.
Experts assume that a successful US banking tablecoin could have a model character- especially for central banksthat with digital currencies (CBDCs) Experiment, but make it slower. A bank -based stable coin could thus become a bridge technology between traditional monetary system and tokenized financial markets.
