Top US banks are considering teaming up on a stablecoin, according to a Wall Street Journal report.
JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Early Warning Services (operator of Zelle) and the Clearing House, among other commercial banks, are reportedly in talks to develop a stablecoin to compete with the cryptocurrency industry.
The Wall Street Journal cites “people familiar with the matter.”
According to the WSJ sources, the financial giants are only in the early stages of discussions. In those discussions, there is skepticism about stablecoin security, in addition to the crypto industry as a whole.
The news comes on the heels of an S&P Global report finding that the combined assets of JPMorgan Chase, Bank of America, Citibank and Wells Fargo ballooned by 5.9%, or $681.71 billion, in the first quarter of 2025, in stark contrast to “a 2.9% contraction in the previous quarter.”
“JPMorgan Chase & Co., the biggest US bank at $4.358 trillion in total assets as of March 31, reported an increase of $355.04 billion in assets in the first quarter. That marked the third-highest sequential increase among the nation’s 50 largest banks at 8.9%.
Citigroup Inc. posted the second-highest sequential growth at 9.3%, or an increase of $218.57 billion in assets.
Bank of America Corp. reported asset growth of 2.7% from the prior quarter, while Wells Fargo & Co.’s assets increased 1.1% in the same period.”
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