Several of the United States' largest banks are reportedly in talks to jointly develop a stablecoin amid the growing influence of the cryptocurrency sector. Major US Banks Explore Joint Stablecoin Venture to Compete with Crypto Rivals The initiative, which is still in the exploratory phase, includes payments companies co-owned by banking giants such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, according to people familiar with the matter. Key players in the talks include Early Warning Services, the operator behind popular peer-to-peer payments platform Zelle, and The Clearing House, which operates a real-time payments system widely used in the U.S. financial system. The proposed stablecoin would be pegged to the US dollar and used to facilitate faster and more efficient transactions across banking networks. The aim is to facilitate digital payments while offering a regulated alternative to proprietary crypto stablecoins like Tether (USDT) and Circle’s USDC, which have seen rapid adoption in recent years. This potential collaboration between major banks reflects a strategic shift in traditional finance as institutions seek to regain lost ground to crypto-native payment systems and decentralized finance (DeFi) innovations. A bank-issued stablecoin could also help reduce reliance on third-party platforms and increase interoperability between financial institutions. This effort highlights the growing recognition within traditional finance of the need to adapt to the changing digital asset ecosystem as consumer demand for faster, borderless and cheaper transactions grows. While no official decision has been made and regulatory hurdles remain significant, the discussions underscore the willingness of legacy institutions to adopt blockchain-based solutions. *This is not investment advice.