The largest US banks are preparing to launch their own stablecoin

US banking giants unite to create their own stablecoin.

As reported by BAKU.WS with reference to The Wall Street Journal, the largest financial institutions in the United States are entering the era of digital currencies, planning a joint issuance of a stablecoin pegged to the US dollar. The negotiations are at an early stage. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are participating in them.

This strategic decision could radically change the landscape of financial services in the coming years. The initiative is at an initial stage of discussion, but it is already clear that banks are seeking to modernize outdated money transfer systems.

The implementation of a stablecoin will significantly speed up financial operations, especially cross-border payments, which in the traditional banking system can take up to several days. Thanks to blockchain technology, such transfers can potentially be carried out almost instantly and with minimal fees.