Some of America’s largest banking names are quietly discussing a collective foray into stablecoins, according to the Wall Street Journal.
Early-Stage Talks Involve Household Banking Brands
Entities linked to JPMorgan, Bank of America, Citigroup, and Wells Fargo have floated the idea of issuing a shared dollar-pegged token.
Early Warning Services, the parent of payments network Zelle, and the Clearing House are also in the conversation.
The groups reportedly see an opportunity to pre-empt fintech rivals and capture institutional demand for on-chain settlement.
Legislative Backdrop Still in Motion
The prospective project lands as the U.S. Senate prepares to debate the bipartisan GENIUS Act, which would institute strict collateral and AML requirements for stablecoin issuers.
Supporters believe a clear federal framework could unlock mainstream adoption, while critics fear it may stifle smaller innovators.
White House crypto adviser David Sacks recently predicted the bill will pass, though senior Democrats vowed amendments that would bar officials, including President Donald Trump, from profiting via token holdings.
Stakes High for Traditional Banks
Analyst Austin Campbell argued the U.S. banking lobby is “panicking,” warning that dollar-backed tokens could undercut core deposit business lines.
Still, bank executives may view a consortium model as a defensive play: better to shape the market from within than cede ground to fintechs or overseas issuers.
Market Size Keeps Growing
Stablecoin capitalization has grown roughly 20 percent in 2025 to about $245 billion, according to DeFi Llama, with yield-bearing variants expanding fastest.
Meta’s reported exploration of token payments on its social platforms underscores how mainstream brands are circling the space.
For the banks, teaming up could spread development costs and regulatory risk, but success will hinge on timing, compliance clarity, and an ability to convince customers a bank-run token is safer than existing options.