Top U.S. Banks Reportedly Exploring Joint Stablecoin Project

A consortium of America’s largest banks is reportedly in early discussions to create a joint cryptocurrency stablecoin, signaling a significant potential shift in how traditional finance approaches digital currencies.

According to a May 22 report by The Wall Street Journal, companies linked to JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are considering collaborating on the launch of a stablecoin.

The effort may also include support from Early Warning Services—the parent firm behind Zelle—and the payment network Clearing House. While the project is still in its conceptual stage, sources suggest the banks are assessing the viability of creating a compliant, U.S.-regulated digital dollar to address growing demand from both consumers and institutions.

The banks have yet to issue public statements. A JPMorgan spokesperson declined to comment, and the other institutions did not respond to inquiries.

Regulatory Climate in Flux

The potential project comes at a time when the U.S. Senate is advancing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act—a bill designed to set federal standards for stablecoin collateralization and compliance with Anti-Money Laundering (AML) regulations. The legislation passed a Senate vote 66-32 on May 20 and will now move to a full debate.

White House crypto advisor David Sacks has expressed confidence that the bill will receive bipartisan support. However, some high-profile Democrats are pushing for amendments that would block government officials—including President Donald Trump—from financially benefiting from stablecoin ventures.

Trump family recently launched the USD1 stablecoin through their crypto platform, World Liberty Financial, raising concerns about potential conflicts of interest if favorable regulations are passed.

Stablecoin Demand Booms Among Banks

The drive by major banks to explore a stablecoin project reflects rising interest in the sector. The total stablecoin market cap has surged by 20% in 2025 alone—from $205 billion to $245 billion—according to recent market data.

Yield-bearing stablecoins are also gaining traction, now comprising 4.5% of the market with a supply exceeding $11 billion. Austin Campbell, a professor at NYU and founder of Zero Knowledge Consulting, remarked that traditional banks may be “panicking,” as stablecoins begin to challenge core banking models.

Even Big Tech is getting involved—Meta has reportedly begun exploring how to integrate stablecoin payments across its platforms, underlining the growing relevance of blockchain-based assets in everyday financial infrastructure.

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