Top US Banks Exploring Collaboration on Stablecoin Project
Reports from the Wall Street Journal suggest that leading US banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Early Warning Services (operator of Zelle), and the Clearing House, are in discussions to develop a stablecoin. This move is seen as an effort to compete with the growing cryptocurrency industry.
The information, sourced from individuals familiar with the matter, indicates that these financial institutions are still in the early stages of exploring this potential collaboration. There is a level of skepticism surrounding the security of stablecoins and the broader cryptocurrency market within these discussions.
This news follows a recent report from S&P Global, highlighting a significant increase in the combined assets of JPMorgan Chase, Bank of America, Citibank, and Wells Fargo in the first quarter of 2025. The total assets of these banks grew by 5.9%, or $681.71 billion, marking a stark contrast to the previous quarter’s 2.9% contraction.
Specifically, JPMorgan Chase & Co., the largest US bank with $4.358 trillion in total assets as of March 31, reported an impressive increase of $355.04 billion in assets during the first quarter. Citigroup Inc. followed with a 9.3% sequential growth, adding $218.57 billion in assets. Bank of America Corp. and Wells Fargo & Co. also saw increases of 2.7% and 1.1%, respectively, in the same period.
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