Major U.S. banks are weighing launching a joint stablecoin to fend off crypto competition.

Financial heavyweights like JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), have held discussion on the subject, the Wall Street Journal reported, citing people familiar with the matter. The talks are still in early stages and could change, the report added.

Within the consortium are also payments ventures owned by these banking powerhouses, like Early Warning Services, which runs Zelle, and The Clearing House, which handles real-time payments.

Stablecoins are cryptocurrencies pegged to the value of another asset like a fiat currency or commodity, can settle transactions in a matter of seconds. Banks see potential in them to improve their operations, with international remittances currently taking days through the traditional system.

One idea floated in the consortium’s talks is a stablecoin model open to other banks beyond the core group. Regional banks have also explored similar paths, the WSJ adds, citing sources familiar with the discussions.

The push comes as Washington inches toward regulation. The Senate recently advanced the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, which Senator Hagerty (R-Tenn) described as one that “establishes the first-ever pro-growth regulatory framework for payment stablecoins.”

The improved regulatory environment has seen crypto firms seek bank charters, further adding pressure to banks.

Some of these large financial institutions have already made their move. Société Générale launched a euro-denominated stablecoin, EURCV, back in 2023 through its crypto arm SG Forge. It’s reportedly now looking to launch a U.S. dollar stablecoin as well.

Read more: U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise

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