Some US Banks Explore Venturing into Crypto with Joint Stablecoin: Report-OxBig News Network

Some of the most important US banks are exploring whether or not to crew as much as challenge a joint stablecoin, The Wall Street Journal reported on Thursday.

The conversations have to date concerned corporations co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and different giant industrial banks, the report mentioned, citing folks conversant in the matter.

However, the newspaper mentioned that the financial institution consortium discussions are in early, conceptual phases and will change.

Reuters couldn’t instantly verify the report. Citigroup, Bank of America and Wells Fargo declined to touch upon the WSJ report, whereas JPMorgan didn’t reply to a Reuters’ request for remark outdoors of standard enterprise hours.

Stablecoins, a kind of cryptocurrency designed to keep up a continuing worth, normally pegged to a fiat foreign money such because the US greenback, are generally utilized by crypto traders to maneuver funds between tokens.

One financial institution consortium chance that has been mentioned can be a mannequin that lets different banks use the stablecoin, along with the co-owners of the Clearing House and Early Warning Services, the Journal mentioned, citing unnamed sources.

Some regional and group banks have additionally thought-about whether or not to pursue a separate stablecoin consortium, it added.

Trump has promised to be the “crypto president,” popularising its mainstream use within the US He has mentioned he backs crypto as a result of it may enhance the banking system and enhance the dominance of the greenback.

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