In a quiet but potentially seismic shift in the financial landscape, several of America’s biggest banks are reportedly engaged in preliminary discussions about launching a jointly issued stablecoin — a digital asset pegged to the value of the U.S. dollar. According to a recent report by The Wall Street Journal, entities affiliated with JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo have begun exploring the possibility of creating a unified crypto asset to streamline digital payments and potentially redefine how money moves through the traditional financial system.
The talks, though still in their early stages, signal a growing awareness among traditional financial powerhouses that the world of money is changing — and quickly. While no formal announcements have been made and no consensus reached, the mere involvement of these institutions in such discussions represents a major shift in how legacy banking views blockchain-based finance.
Among the other key players involved in the exploratory talks are Early Warning Services, the firm behind the peer-to-peer payments network Zelle, and The Clearing House, a pivotal infrastructure provider in U.S. financial markets. While all institutions involved have remained tight-lipped, the implications of such a collaboration could be far-reaching.
A spokesperson for JPMorgan declined to comment when reached by Cointelegraph, while Bank of America, Citigroup, and Wells Fargo did not immediately respond to inquiries. These institutions have previously dipped their toes into blockchain technology, but a joint stablecoin project would mark a deeper commitment to integrating crypto into mainstream finance.
Regulatory Winds Are Shifting
The potential rollout of a joint stablecoin project comes at a time when Washington is intensifying its focus on digital asset regulation. On May 20, the U.S. Senate voted 66-32 to advance discussions on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill aimed at crafting a comprehensive framework for how stablecoins are collateralized and monitored.
The legislation also requires issuers to comply with existing Anti-Money Laundering (AML) protocols, which has become a key concern for regulators and lawmakers alike. White House crypto advisor David Sacks has expressed confidence in the bill’s passage, suggesting it enjoys bipartisan backing. However, political complications remain.
High-ranking Democrats have proposed an amendment to the GENIUS Act that would prohibit former President Donald Trump — and other officials — from profiting off of stablecoins, a move clearly aimed at Trump’s involvement with World Liberty Financial. This new crypto platform, launched by the Trump family earlier this year, introduced the USD1 stablecoin, raising ethical questions about regulatory influence and personal financial interest.
The Stablecoin Surge
Amid regulatory debates and institutional intrigue, the market for stablecoins is booming. Since the beginning of 2025, the total stablecoin market cap has jumped by $40 billion, climbing from $205 billion to $245 billion — a remarkable 20% rise. Much of this growth is attributed to increasing adoption by both nation-states and corporations looking for stable, on-chain alternatives to fiat transactions.
Interestingly, a growing portion of the market is shifting toward yield-bearing stablecoins — tokens that offer interest-like returns to holders. These now represent roughly 4.5% of the total market, with a circulating supply of $11 billion, suggesting a new appetite for income-generating digital assets among investors and institutions alike.
Banks Feeling the Heat
The uptick in stablecoin activity is not going unnoticed by the traditional banking sector. Austin Campbell, founder of Zero Knowledge Consulting and a professor at New York University, believes the financial establishment is beginning to feel the pressure. “The American banking lobby is panicking,” Campbell said, arguing that stablecoins pose a direct challenge to the conventional deposit-based banking model.
Even tech giants like Meta are reportedly weighing how to integrate stablecoin payments into their platforms — another sign that digital currency is steadily encroaching on traditional financial territory.
A Fork in the Road for U.S. Finance
If these early discussions between major U.S. banks mature into a tangible stablecoin initiative, it could mark the beginning of a new chapter in American finance — one where Wall Street doesn’t just coexist with blockchain, but actively builds on it. While many hurdles remain — regulatory, technological, and political — the direction of momentum is clear: crypto is no longer on the fringe. It’s knocking on the doors of the biggest banks in the world.
