JPMorgan Chase and Citigroup consider issuing stablecoins, and traditional finance accelerates the layout of encrypted payments

Odaily News During the US Congress’ “Crypto Week”, JPMorgan Chase and Citigroup said they were considering entering the stablecoin market. JPMorgan Chase CEO Jamie Dimon said he would participate in the “JPMorgan Deposit Coin” and stablecoin-related businesses to explore its potential in the payment field. On the same day, Citigroup CEO Jane Fraser also said that it was studying the issuance of “Citigroup Stablecoin” and said that its tokenized deposit business was “very active”.
In May this year, The Wall Street Journal revealed that JPMorgan Chase, Bank of America, Citigroup and Wells Fargo were planning to jointly issue stablecoins.
The current market value of stablecoins has reached 258 billion US dollars, an increase of 58% over the same period in 2024. Large banks may reshape the US dollar stablecoin landscape and accelerate the encryption of the global payment system. (Cointelegraph)