Charles Hoskinson, founder of IOG, the company that stands behind the Cardano blockchain, has addressed the crypto community with a major and fundamental cryptocurrency-adopton-related statement.
Hoskinson commented on the recent media reports about the largest American banks exploring a joint opportunity to issue a stablecoin.
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Top U.S. banks look into launching own stablecoin
The Wall Street Journal has reported that the largest U.S. banks have become interested in crypto and are now exploring the opportunity to join forces to create and roll out a stablecoin — a step that is intended to protect them from the booming competition coming from the cryptocurrency industry.
Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are reportedly exploring the possibility of jointly issuing a stablecoin, with discussions involving Early Warning Services, the operator of the Zelle payment system, and The Clearing House, a…
— Wu Blockchain (@WuBlockchain) May 23, 2025Sources told the WSJ that these banks include JPMorgan Chase, Wells Fargo, Bank of America and Citigroup, as well as several others. The P2P payment system Zelle and the real-time payment network Clearing House have joined that company.
Those talks are, thus far, in the early stages, discussing the very basics and the conception of the future stablecoin, and things may still change radically on this decision. Now that, earlier this week, a stablecoin regulatory bill passed a major voting hurdle in the U.S. Congress, the air is filled with talk about the potential growth of the stablecoin market share and stablecoin adoption in the country under the current pro-crypto president, Trump.
Meta is already considering adopting stablecoins for payments (after a failed attempt to launch its own LIBRA product in 2019-2020). Big crypto players are also entering this market — in December 2024, Ripple's behemoth launched its own dollar-pegged stablecoin, RLUSD, which was intended to become the gold standard for enterprise-grade stablecoins.
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"As predicted," Hoskinson says
Cardano founder Charles Hoskinson reacted to this news report laconically on his X handle, saying: “As predicted.”
As predicted https://t.co/YhdTgkli0e
— Charles Hoskinson (@IOHK_Charles) May 23, 2025Many crypto enthusiasts commented on his tweet and the news about major U.S. banks’ mouths watering to issue their own stablecoin. One crypto fan assumed that once U.S. banking conglomerates create their own stablecoin, it will quickly push USDT and USDC from the market: “Rip circle and tether we hardly knew ye.”
Currently, the stablecoin market is valued at roughly $243 billion, with Tether holding a $152 billion share of it.
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