Big Banks explore venturing into Crypto with joint Stablecoin

Some of the largest US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are discussing the possibility of teaming up to issue a joint stablecoin. The conversations are in early stages and could change. A stablecoin is a type of cryptocurrency that maintains a constant value, usually pegged to a fiat currency like the US dollar.

If the bank consortium decides to move forward, it would allow other banks to use the stablecoin, in addition to the co-owners of the Clearing House and Early Warning Services. This development could potentially improve the banking system and increase the dominance of the US dollar, as previously proposed by Trump.