Several major U.S. banks are reportedly in early-stage discussions to develop a joint stablecoin project, amid growing momentum in Washington to establish a regulatory framework for digital assets, according to sources cited by the Wall Street Journal on Friday.
Exclusive: Major U.S. banks are exploring a joint stablecoin to compete with the crypto industry https://t.co/PaPmSdEOjh
— The Wall Street Journal (@WSJ) May 23, 2025
The talks involve banking giants including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Additionally, companies co-owned by these institutions—such as Early Warning Services, the operator of Zelle, and the Clearing House—are said to be participating. While the discussions are still in a conceptual phase, insiders note the plan could evolve significantly as regulatory clarity emerges.
One key proposal under consideration is to make the stablecoin accessible to other financial institutions beyond the core group of developers. At the same time, several regional and community banks are reportedly exploring the formation of a separate consortium to issue their own stablecoin, though details on that front remain limited.
This industry-wide activity follows closely on the heels of legislative progress in Washington. On May 19, the U.S. Senate advanced the GENIUS Act—a bill aimed at setting guardrails for the stablecoin market—with a decisive 66-32 procedural vote. If passed, the legislation would require stablecoin issuers to hold full dollar reserves, undergo routine audits, and follow strict compliance rules for any issuance exceeding $50 billion.
Adding further weight to the conversation, U.S. President Donald Trump has expressed support for stablecoin innovation. His advisor, David Sacks, recently suggested that regulatory clarity could spark “trillions of dollars of demand for our Treasuries practically overnight,” highlighting the potential economic upside of embracing tokenized finance.
Meanwhile, regulatory developments are also gaining traction globally. In Asia, Hong Kong’s Legislative Council has approved the Stablecoins Bill, introducing a comprehensive licensing framework for fiat-referenced stablecoin issuers. The law, welcomed by local authorities, aims to balance financial innovation with systemic security and enhance the city’s digital asset ecosystem.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
