JPMORGAN, CITI, Bank of America and other banks in the US evaluated to create a joint stable

By Canuto

The great US banks are considering creating a joint stablocoin to accelerate transactions and face the competition of crypto companies, while the regulatory panorama becomes more favorable.

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• The largest banks in the US have started conversations to develop a joint stable.
• The objective is to accelerate transactions and maintain competitiveness in the face of the growing advance of cryptocurrencies.
• The considerations occur in the midst of regulatory changes, which will be decisive for the initiative.
• The project has the participation of bank payment platforms and could be opened to other banks.

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The main banks of the United States are evaluating the possibility of creating a Stablecoin Joint now that the country advances in the establishment of new regulations for the sector, as reported The Wall Street Journal.

Giants such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargoare among the institutions that have initiated conversations to develop a digital currency, according to the report.

This initiative also includes payment platforms associated with these banks, such as Early Warning Services, The company behind ZELLEand The Clearing HouseKey operator in real -time bank payments in the US. Collaboration aims to integrate state -of -the -art technological capabilities and offer an efficient alternative to cryptocurrency systems.

Discussions are still in initial stages and could be modified along the way, depending largely on how legislative advances develop In this matter. People knowledge of the subject indicated to the mentioned newspaper that a final road map has not been defined nor have deadlines for the launch be established.

Open Stablecoins Consortium

The model that arises from conversations would also allow the adhesion of other financial institutions, beyond those initially involved. This could foster interoperability and help accelerate the development of a new payment system nationwide.

The possible sum of additional actors could the viability of the project, ensuring that it is not limited only to a handful of high profile banks, but has a transverse impact on the entire bank industry of the United States.

Why do great banks are interested in a stablcoin?

The Stablecoinsa type of token based on Blockchain with parity in a real asset –Usually a fiduciary currency like the dollar-, They have gained global relevance amid an increasingly large interest in traditional banks and financial institutions.

Once a niche inside cryptocurrencies, Stablecoins They have grown to reach a market capitalization of USD $ 250,000 million today, becoming a new pillar of global finances. Also called stable currencies, in Spanish, allow transactions to be liquidated in seconds, thus providing advantages against the system inherited.

In the classic banking system, international payments may take several days to complete and incur high commissions, presenting friction for the end user. With the Stablecoinsthis process can be expedited in terms of speed, in addition to being much cheaper and fluid, both for banks and users.

The development of a digital currency backed by several of the most powerful banks in the United States could transform the way payments are made inside and outside the country, raising the efficiency and experience of the user. In addition, it would allow combating the growing loss of land suffering from the options offered by crypto platforms.

Other great banks in the world have also moved in this direction. The French institution I société généralethat in 2023 he already launched a Stablecoin anchored to the euro, now studies developing a Stablecoin in US dollars. This week, the largest bank in Guatemala, Industrial Bankannounced the integration of a stablecoins system to expedite remittances.

Regulatory environment will be decisive

The discussion between banking giants to launch their own stable currency occurs in the midst of an American legislative context in rapid evolution with respect to digital assets.

This week, the Senate voted to advance the ‘genius’ law, which would establish for the first time a regulatory framework oriented to the growth of Stablecoins For payments within the country. The vote was secured bipartisan support despite the previous brake of the Democrats.

Senator Bill Hagerty, one of the sponsors of the project, stressed that this legislation is a pioneer in allowing development and innovation without neglecting the safety and protection of users. The improved regulatory environment would incite cryptocurrency companies to look for bank licenses, which increases competitive pressure on traditional banks.

If this initiative prosper, more institutional actors are expected to experience solutions Blockchain and Stablecoins, positioning the United States as a central protagonist in this global financial innovation.

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Article written with the help of AI, edited by Hannah Pérez / Diariobitcoin

Image generated with artificial intelligence, under a free use license

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