A group of major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, is considering the possibility of launching a shared stablecoin, marking a potential turning point in the evolution of digital finance.Â
According to the Wall Street Journal, the initiative is still in its early stages, but it represents a strong signal of the growing interest from traditional financial institutions towards the world of digital currencies.
The idea behind the project is to create a stablecoin supported by a consorzio bancario, which can offer a regulated and secure alternative to criptovalute issued by private companies or tech startups.
The discussions also involve key players of the U.S. financial infrastructure such as Early Warning Services, the company behind the payment system Zelle, and The Clearing House, which operates a real-time payment system used by many large banks.
The main banks explore a consortium-backed stablecoin
The renewed interest of banks in stablecoins comes at a crucial moment: the United States Senate has recently introduced the GENIUS Act, a bipartisan bill that aims to establish a clear regulatory framework for the digital payment currencies.Â
This measure introduces reserve requirements, transparency standards and subjects the issuers to the Bank Secrecy Act, with the aim of ensuring greater security and trust in the sector.
The advancement of the bill has been positively received by financial operators. The latter see in the regolamentazione a way to legitimize the use of stablecoins and promote their adoption on a large scale.
After years of uncertainty and regulatory crackdowns, especially in 2022, banks now seem ready to move decisively in this field.
Stablecoins, generally anchored one-to-one with fiat currencies like the US dollar and backed by liquid reserves, are already widely used in the world of cryptocurrencies to facilitate trading and settlements.Â
For banks, issuing their own stablecoin would represent a way to maintain control over the payment infrastructure. This in a context where digital dollars are becoming increasingly common.
Bank executives see in these digital currencies a strategic tool to modernize cross-border transfers, reduce transaction times, and compete with digital solutions offered by tech giants and crypto-native startups.Â
Furthermore, a shared stablecoin model could also be open to other banks not belonging to the consortium, thus expanding access and adoption.
The interest of the banks in a shared stablecoin is also fueled by competitive pressures and changes in monetary policy.
Some smaller regional banks have even proposed the idea of launching their own stablecoin. However, such initiatives risk clashing with regulatory hurdles and scalability issues.
A digital future for traditional finance?
In any case, timing plays a fundamental role.Â
With the administration of President Trump having shown itself openly favorable to digital finance, and with his family’s company having already launched its own stablecoin at the beginning of the year, the big banks find themselves under pressure not to lose ground.Â
A clear regulatory framework could represent a turning point, favoring emittenti conformi and stimulating a new wave of innovazione finanziaria.
The initiative of the major US banks could mark the beginning of a new era. An era in which traditional financial institutions play an active role in the development and adoption of regulated digital currencies.
While decentralized cryptocurrencies have dominated the scene in recent years, the entry of banks into this space could bring greater stability, trust, and integration with the existing financial system.
However, the success of a shared stablecoin project will depend on several factors. Namely, the regulatory support, the collaboration between banks, the trust of consumers, and the ability to offer a competitive alternative compared to the solutions already existing.
If these elements align, the stablecoin of the banking consortium could become a fundamental pillar of the future digital financial infrastructure of the United States.
In a rapidly evolving global context, where the digitalization of payments is now a strategic priority, American banks seem ready to take the next step. And this time, they do not want to be left behind.
