Multiple major U.S. banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are exploring a joint stablecoin initiative amid improving U.S. regulatory conditions.

Quotes that support claims

The bigger coalition of U.S. banks, including JPMorgan’s parent company JPMorgan Chase, as well as Bank of America, Citigroup, and Wells Fargo, is exploring a stablecoin “intended to fend off escalating competition from the cryptocurrency industry,” the Wall Street Journal reported in May.

Many banks, including Bank of America, are reportedly exploring stablecoins now that the U.S. regulatory landscape is beginning to thaw. In May, for instance, the Wall Street Journal reported that JPMorgan, Bank of America, Citigroup, Wells Fargo, and other major commercial banks were allegedly looking to form a joint stablecoin project.