Major U.S. banks are exploring a joint stablecoin initiative to counter rising competition from crypto markets, according to The Wall Street Journal. JPMorgan, Bank of America, Citigroup, and Wells Fargo are in early talks about the initiative. The discussions also involve Early Warning Services, which operates Zelle, and the Clearing House, a real-time payment network. The stablecoin plans are still in early stages and depend on future legislation and market demand. Banks see potential in stablecoins for faster transactions, especially cross-border payments, but regulatory uncertainty and demand concerns remain hurdles.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Major U.S. banks are exploring a joint stablecoin initiative to counter a rise in competition
00:06from crypto markets, according to The Wall Street Journal. JPMorgan, Bank of America,
00:11Citigroup, and Wells Fargo are in early talks about the initiative. Discussions also involve
00:15early warning services, which operate Zelle, and the clearinghouse, a real-time payment network.
00:20Stablecoin plans are still in early stages and depend on future legislation and market demand.
00:25Banksy potential in stablecoins for faster transactions, especially cross-border payments.
00:30Regulatory uncertainty and demand concerns remain hurdles.
00:33For all things money, visit Benzinga.com slash GSTV.