“Such A Stablecoin, Potentally Open to Other Banks, AIMS to Improve Transaction Speeds and Efficiency While Fending Off Competition from Crypto Firs.”, – WRITE: www.coindesk.com
Financial Heavyweights Like JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), Have Held Discussion on the Subject, Wall Street Familiar with the matter. The Talks Are Still in Early Stages and Could Change, The Report Added.
Within the Consortium Are Also Payments Ventures Owned by These Banking Powerhouss, Like Early Warning Services, Which Runs Zelle, and The Clearing House, Which Handles Real
Stablecoins are cryptocurrencies pegged to the Value of Another Asset Like A Fiat Currency or Commodity, Can Settle Transactions in A Matter of Seconds. Banks See Potential in them to Improve their operatings, with International Remittans Currently Taking Days Through the Traditional System.
One Idea Floated in the Consortium’s Talks Is a Stablecoin Model Open to Other Banks Beyond the Core Group. Regional Banks Have Also Explored Similar Paths, The WSJ Adds, Citing Sources Familiar with the Discussions.
The Push Comes As Washington Inches Town Regulation. The Senate Recently Advanced the Guiding and Establishing National Innovation for Us Stablecoin Act, WHICH SENATOR HAGERTY Framework for Payment Stablecoins. ”
The Improved Regulatory Environment Has Seen Crypto Firms Seek Bank Charters, Further Adding Pressure to Banks.
Some of the trees large Financial Institutions Have Already Made Their Move. Société générale launched a Euro-denominated Stablecoin, Eurcv, Back in 2023 Through ITS Crypto Arm SG Forge. I Reportedly Now Looking to Launch A US Dollar Stablecoin As Well.
Read More: US Stablecoin Bill Approval Could Trigger A Long-Term Crypto Bull Market: BitWise
