Leading U.S. Banks Collaborate To Develop A Joint Stablecoin For The Digital Economy

According to reports, some of the largest U.S. banks — including Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup — are quietly planning to enter the cryptocurrency space. Sources revealed that these banks are exploring the idea of creating a shared stablecoin, a kind of digital dollar.

Unlike previous stablecoins launched by tech startups, this new version would come directly from traditional banking giants. Experts said stablecoins are digital tokens tied to real-world currencies like the U.S. dollar, offering the speed of blockchain combined with the reliability of fiat money.

Banks Aim To Redefine Stablecoins With Trusted Infrastructure

Reports revealed that while popular stablecoins like Tether and USD Coin are widely used, their adoption outside of crypto trading is still limited. Analysts pointed out that unclear regulations and the belief that these coins sit outside the traditional financial system have slowed broader usage.

The banks reportedly want to change this. They said they are considering using existing systems, such as Zelle and The Clearing House, to develop a new stablecoin system backed and operated by banks. According to banking representatives, the goal is to create a token for everyday payments and business transfers, all within a legally regulated framework.

Bank officials said the project is still in its early stages. They are working on designing a coin that is safe, compliant, and easy to use. Moreover, the stablecoin would be fully backed by real money held at the banks, like other stablecoins. However, they emphasized that what would set theirs apart is the trust people already place in well-established banks.

According to financial observers, this strategy marks a clear shift from the original crypto goal of disrupting traditional banking. Instead, the banks now aim to lead the push to bring digital dollars into mainstream use. One tech company founder said whether it’s a bank or a fintech firm, strong systems are needed to issue, store, and transfer stablecoins securely.

Banks Eye Stablecoins For Daily Use Amid Hurdles And Rivals

Right now, most stablecoins are still mainly used for crypto trading. But banking sources said this could change if major banks join in, especially by making stablecoins usable for shopping and peer-to-peer payments.

Still, bank leaders admitted that the project won’t be simple. Each bank uses its own technology and has different priorities, so they said cooperation would require shared governance, unified tech standards, and tight security controls.

The banks also emphasized that regulation is key. They said they will not move forward without clear laws. In interviews, some executives stated they would only launch a stablecoin if proper regulations are in place. According to them, regulation isn’t a barrier — it’s a way to earn trust and stand out from crypto-native competitors.

However, reports noted that the banks will face tough competition. Companies like Circle and Paxos have already built strong platforms and formed key partnerships with merchants and payment services. According to recent announcements, one of these companies has launched a cross-border payments network powered by stablecoins.

To succeed, bank leaders said they must clearly explain what makes their stablecoin better. One advantage, they noted, is easy integration with banking tools already in use.

For instance, someone could send money instantly through Zelle using stablecoins, or a business could move funds faster using tokenized dollars. These, they said, are real-world features that banks are uniquely positioned to offer.