JP Morgan, Bank of America and City Group are some of those involved.
The conversations, according to Fuentes, are in an initial and conceptual phase.
The largest banks in the United States, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are in initial conversations to develop a joint stablocoin, according to sources familiar with the matter.
This project seeks to counteract the growing competition of the cryptocurrency industry, led by stable currencies such as USDT, and position traditional institutions in a rapid evolution market.
The discussions, even in conceptual phase, involve entities such as Early Warning Services, Zelle operator, and Clearing House, a network of payments in real time, reports Wall Street Journal. However, any final decision It will depend on the legislative evolution about Stablecoins and the projected demand for this digital asset.
The interest of the main US banks in issuing a Stablecoin responds to the need to adapt to a financial panorama where cryptocurrencies gain ground. Under the presidency of Donald Trump, a greater adoption of stablcoins is expectedespecially if large technological or retailers enter the market, diverting deposits and transactions of traditional banks.
JP Morgan Chase, Bank of America, Citigroup and Wells Fargo They are considered actors with significant financial control globally Due to its huge scale, influence and central role in the economic system. These institutions manage billions of dollars in assets and usually have an influence on making economic and political decisions.
In the following image, taken from the encyclopedia online, Wikipediait is observed how these entities are among the largest banks in the world:
Financial Entities value that Stablecoins They allow accelerating processes such as cross -border paymentsthat in the conventional banking system they can take days. For example, an international transfer that requires multiple intermediaries could be completed in minutes using decentralized networks, reducing costs and improving efficiency, which benefits banks.
The stablecoins, known as digital dollars, are cryptocurrencies designed to maintain a stable value, generally linked one by one with FÍAT coins such as the US dollar, backed by cash reserves or liquid assets such as treasure bonds.
Currently, the Stablecoins market is dominated by USDT (Tether), which has a market capitalization of more than 150,000 million dollars. USDT represents approximately 63% of the Stablecoins marketbeing the main option for transactions in cryptocurrency exchanges, value storage and cross -border payments. Its dominance is due to its liquidity, broad acceptance and ease of use, although it has faced criticism due to lack of transparency in its reserves.
This graph of Defill It shows the USDT dominance level in the stablcoins ecosystem:
Would Genius favor the project?
However, discussions are at an early stage, and banks face obstacles such as skepticism about the safety of stablecoins and regulatory implications to operate with digital assets. In addition, the legislative framework around the stablecoins remains uncertain, although recent advances suggest a more favorable environment.
The American Senate took a step forward this week by overcoming an obstacle of procedure in the Genius Law, a project that establishes a regulatory framework for the issuance of Stablecoins by banks and non -banking entities.
As cryptootics reported, the latest version of the law includes Restrictions for non -financial companies to emit stablcoinsalthough it does not prohibit them completely, as banks were looking for.
This legislative development I could pave the way for the bank consortium projectalthough banks still evaluate whether demand will be sufficient to justify investment in an initiative such as a stablecoin.
The intention of launching a stablecoin by the world’s main banks, marks an approach between traditional finances and the cryptocurrency ecosystema link that seemed unlikely two years ago after a strong regulatory repression by the previous US authorities.
The fact that bank giants can issue their own stablecoin reflects the recognition that cryptocurrencies are not a passing fad, but a potential technology to transform payment systems.
