Several large US banks plan to jointly launch stablecoins, and progress depends on the legislative process

Odaily News Major U.S. commercial banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in preliminary discussions on jointly launching stablecoins. Institutions involved in the discussion include The Clearing House, which is jointly owned by several banks, and Early Warning Services LLC, the company behind Zelle.
The stablecoin project is still in its early stages, and progress will be highly dependent on the upcoming stablecoin legislation in the U.S. The National Innovation and Stablecoin Establishment Act (GENIUS Act) has received bipartisan support, requiring stablecoins to be fully reserved in U.S. dollars or other highly liquid assets, requiring issuers with a market value of more than $50 billion to undergo annual audits, and clarifying relevant terms for overseas issuance.
However, before the bill entered the final vote, some Democratic lawmakers called for further scrutiny of Trump’s relationship with the crypto project. According to reports, Trump and his son were once accused of being associated with the World Liberty Financial project that issued the USD1 stablecoin. (The Block)