A major movement is unfolding.
With the GENIUS Act gaining majority support in the Senate, some of America’s largest banks are preparing to dive headfirst into blockchain. The Wall Street Journal reports that JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup are now in early talks to launch a joint stablecoin.
Add a pro-crypto White House under President Trump to the mix, and the timing couldn’t be more aligned. The $243 billion stablecoin market may soon face its biggest disruption yet.
The project also involves major payment players like Zelle and the Clearing House’s real-time payment network. Although discussions are still in the early stages, the goal is clear: to develop a fully regulated, bank-backed stablecoin that could compete with existing leaders like Tether and Circle.
Tether’s USDT currently dominates the space with a $152 billion market share. But if this bank-led stablecoin goes live, it could shake up the market with the kind of trust and regulatory compliance only traditional finance can offer.
Trust and Liquidity Could Redefine DeFi
Crypto users are already taking notice. One X user pointed out that a stablecoin backed by major US banks could instantly win on trust and liquidity, pushing out smaller players in the decentralized finance space.
While this could bring stability and mainstream appeal, it also risks centralizing a space originally built to be open and decentralized.
Well, Cardano’s founder, Charles Hoskinson, wasn’t surprised. He quoted, “As predicted” on X.
Hoskinson has long argued that institutions would eventually adopt blockchain, and this latest move only strengthens his case. His post sparked a wave of reactions from crypto enthusiasts, especially as reports surfaced that Meta is also exploring stablecoins for payments.
The timing of this development is no coincidence. The recently advanced GENIUS Act offers a clear regulatory framework for stablecoins, creating the right environment for traditional finance to jump in.
With President Trump’s supportive stance on crypto, stablecoin adoption could accelerate rapidly. US banks are now looking to combine the trust they’ve built over decades with the speed and transparency of blockchain, hoping to carve out a serious presence in the digital asset world.
Will this spark a revolution or a turf war? The crypto world is watching.
The GENIUS Act provides a clear legal framework for U.S. banks to issue and manage regulated stablecoins.
A U.S. bank-led stablecoin may challenge Tether by offering more regulation, trust, and mainstream appeal.
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