The discussions involve payments companies co-owned by JPMorgan Chase, other large banks
The nation’s biggest banks are exploring whether to team up to issue a joint stablecoin, a step intended to fend off escalating competition from the cryptocurrency industry, according to Wall Street Journal.
The conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other large commercial banks, according to people familiar with the matter. Those include Early Warning Services, the operator of the peer-to-peer payment system Zelle, and the Clearing House, the real-time payment network.
Banks are essential for the success of stablecoins, providing necessary infrastructure and connectivity, PayPal’s head of digital currencies said during a panel discussion at Consensus 2025 in Toronto.
Banks need to be part of crypto for stablecoins to succeed – that was the message from Jose Fernandez da Ponte, PayPal’s senior vice president of digital currencies.
„It might sound counterintuitive, but you do want the banks in this space,” Fernandez da Ponte said, adding that their infrastructure—from custody to providing fiat rails—will be essential if stablecoins are to scale beyond crypto-native circles. „You want that connectivity and that fabric to work.”
Meanwhile, SG Forge – the crypto and blockchain-dedicated arm of Société Générale, one of Europe’s largest financial institutions, will soon launch a dollar-backed stablecoin on Ethereum, The Big Whale reported Tuesday, citing sources with knowledge of the matter.
The move would make Société Générale the first global banking group to issue a dollar stablecoin on a public blockchain. According to the report, SG Forge also plans to expand the stablecoin to other networks, including Solana, after the initial launch.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
