Big Banks Mull Stablecoin as Senate Debates Trump’s Crypto
The post Big Banks Mull Stablecoin as Senate Debates Trump’s Crypto appeared on BitcoinEthereumNews.com. A potential shakeup in the digital payments world is underway as some of the largest US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly exploring the launch of a jointly developed stablecoin. According to The Wall Street Journal, the initiative involves payment firms like The Clearing House and Zelle operator Early Warning Services and marks a significant move by traditional finance into the tokenized dollar space. That news comes as the US Senate advances the GENIUS Act, a sweeping bill to regulate stablecoins, which has now become the center of a political battle over ethics. Senate Democrats, led by Chuck Schumer, Elizabeth Warren, and Jeff Merkley, are preparing an amendment to block any sitting US president from profiting from stablecoin-related ventures, citing growing concerns about President Donald Trump’s ties to the USD1 stablecoin and recent crypto-linked fundraising events. US Megabanks Reportedly Explore Joint Stablecoin as Senate Pushes GENIUS Act Forward America’s largest financial institutions are reportedly in early discussions about launching a joint stablecoin project, according to sources cited by The Wall Street Journal. As Congress accelerates the regulatory framework for stablecoins under the GENIUS Act, the prospect of a unified banking-backed digital dollar could dramatically reshape both the crypto and traditional payments landscape. The initiative is said to involve entities backed or co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other prominent banks. Two key players under discussion are The Clearing House, which facilitates real-time payments between US banks, and Early Warning Services LLC, the fintech company behind Zelle, the widely-used peer-to-peer payment platform. The move signals growing institutional interest in the infrastructure behind digital dollars, particularly as legislation begins to draw clearer lines around stablecoin issuance and oversight. According to WSJ’s sources, talks remain in preliminary stages, and no definitive…
The post Big Banks Mull Stablecoin as Senate Debates Trump’s Crypto appeared on BitcoinEthereumNews.com.
A potential shakeup in the digital payments world is underway as some of the largest US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly exploring the launch of a jointly developed stablecoin. According to The Wall Street Journal, the initiative involves payment firms like The Clearing House and Zelle operator Early Warning Services and marks a significant move by traditional finance into the tokenized dollar space. That news comes as the US Senate advances the GENIUS Act, a sweeping bill to regulate stablecoins, which has now become the center of a political battle over ethics. Senate Democrats, led by Chuck Schumer, Elizabeth Warren, and Jeff Merkley, are preparing an amendment to block any sitting US president from profiting from stablecoin-related ventures, citing growing concerns about President Donald Trump’s ties to the USD1 stablecoin and recent crypto-linked fundraising events. US Megabanks Reportedly Explore Joint Stablecoin as Senate Pushes GENIUS Act Forward America’s largest financial institutions are reportedly in early discussions about launching a joint stablecoin project, according to sources cited by The Wall Street Journal. As Congress accelerates the regulatory framework for stablecoins under the GENIUS Act, the prospect of a unified banking-backed digital dollar could dramatically reshape both the crypto and traditional payments landscape. The initiative is said to involve entities backed or co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other prominent banks. Two key players under discussion are The Clearing House, which facilitates real-time payments between US banks, and Early Warning Services LLC, the fintech company behind Zelle, the widely-used peer-to-peer payment platform. The move signals growing institutional interest in the infrastructure behind digital dollars, particularly as legislation begins to draw clearer lines around stablecoin issuance and oversight. According to WSJ’s sources, talks remain in preliminary stages, and no definitive…
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