Largest US banks prepare to launch their own stablecoin

US banking giants unite to create their own stablecoin.

As reported by TUT.AZ with reference to The Wall Street Journal, the largest financial institutions in the United States are decisively entering the era of digital currencies, preparing a revolutionary joint issuance of a stablecoin pegged to the US dollar. The negotiations, although at an early stage, have already attracted banking industry titans such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.

This strategic decision could radically reshape the landscape of financial services in the coming years. Despite the fact that the initiative is just emerging, the desire of banking giants to modernize outdated money transfer systems, which have remained virtually unchanged for decades, is already evident.

The implementation of a stablecoin promises to significantly accelerate financial operations, especially cross-border payments, which in the traditional banking system can take up to several days. Thanks to innovative blockchain technology, such transfers could potentially be carried out almost instantly and with minimal fees, opening a new era in the world of financial transactions.