365Crypto
Four of America’s biggest banks are teaming up on a digital dollar project. JPMorgan, Bank of America, Citigroup, and Wells Fargo are exploring a shared stablecoin to rival crypto platforms.
Old Banks, New Tech
These banks co-own payment networks like Zelle and The Clearing House. Now, they want to create their own blockchain-based stablecoin.
The goal? Speed up payments, cut costs, and catch up to fast-moving crypto companies.
The Catch: U.S. Regulations
The project depends on new laws. The GENIUS Act, now in the Senate, could make stablecoins legal for both banks and crypto firms. If it passes, Wall Street may finally go full crypto.
GENIUS Act = Guiding and Establishing National Innovation for US Stablecoins. It’s a bill to give stablecoin issuers clear rules.
What Have They Done So Far?
JPMorgan already uses JPM Coin inside its own systems. Wells Fargo has tested a stablecoin for cross-border use. Bank of America hasn’t launched anything yet, but says it’s ready.
Crypto Strikes Back
Meanwhile, crypto firms like Circle and Coinbase are applying for banking licenses. Some want full bank charters, others just want licenses for stablecoin issuance.
One Trump-linked project, USD1, is using BitGo to store its reserves. BitGo is also close to becoming a chartered bank.
Anchorage Digital remains the only crypto firm with a federal bank charter, earned through millions in compliance spending.
