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Major US banks, including JPMorgan and Bank of America, are reportedly developing a joint stablecoin to compete with crypto-native players like Tether. This signals a strategic shift as traditional finance embraces stablecoins as a necessity in global markets. The move could reshape the $245.9B stablecoin sector dominated by USDT and USDC.
- Major US banks are forming a consortium to launch a stablecoin, directly competing with Tether and Circle.
- Tether’s CEO responded confidently, while BitMEX’s co-founder predicted challenges for Circle.
- The initiative highlights stablecoins' growing role in global finance, especially for liquidity and emerging market access.
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Other Tags: Tether (USDT), US Dollar, USDC, Sam Kazemian, Citigroup, JPMorgan Chase, Bank of America, Frax Finance, Wells Fargo