Investing.com -- Some of the largest banks in the United States, including JPMorgan Chase (NYSE: JPM ), Bank of America, Citigroup (NYSE: C ), and Wells Fargo are in preliminary talks about issuing a joint stablecoin, the Wall Street Journal reported on Friday.
This move is seen as an attempt to counter the growing competition from the cryptocurrency industry.
The discussions involve companies co-owned by these banking giants, such as Early Warning Services, the operator of the peer-to-peer payment system Zelle, and the Clearing House, a real-time payment network, the report said.
These talks are at an early, conceptual stage and could change in the future, it added.
Stablecoins are a type of cryptocurrency that is designed to maintain a stable value, as they are pegged to a reserve of assets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.