Now that the U.S. Senate is close to passing the GENIUS Act, several of the biggest banks in the United States are in talks to launch a joint crypto stablecoin of their own. If successful, this could be a major move towards mainstream adoption of digital assets in the country’s traditional financial system. According to the report by The Wall Street Journal, companies affiliated with Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup are discussing the potential issuance of a shared stablecoin.

Payment processing network Clearing House and parent company of Zelle, Early Warning Services, are among the other institutions part of the new project.

U.S. Banks Considering a Joint Stablecoin

The project is in its early stages at the moment. However, it could be influenced by the regulatory developments as well as the market demands. JPMorgan Chase representatives declined to comment on this matter, whereas the other banks involved have yet to issue a statement on this matter.

The timing for the stablecoin is perfect, considering that the U.S. Senate has recently advanced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The goal of this proposed bill is to control stablecoin activities. With a market valuation of $245 billion, the stablecoin market has expanded by 20% since the start of 2025. Notably, with a circulating supply of about $11 billion, yield-bearing stablecoins currently make up 4.5% of that total.

Passed by a 66-32 vote on May 20, the bill establishes requirements for collateralization and mandates strict compliance with Anti-Money Laundering (AML) laws. The bill will now proceed to floor debate in the Senate.

White House crypto advisor David Sacks has expressed confidence in the bill’s passage, citing broad bipartisan support. However, some Democratic lawmakers are pushing for amendments, including a clause that would prevent President Donald Trump and other officials from personally profiting from stablecoin ventures.

Trump and his family recently launched World Liberty Financial, a crypto platform that introduced the USD1 stablecoin in March. Critics claim that favorable legislation could directly benefit the former president’s business interests. In the meantime, Meta is also exploring options to integrate stablecoin into their framework, signaling a broader institutional interest. While the discussions progress and regulatory frameworks take shape, the possibility of a jointly issued stablecoin backed by banks could signal a turning point in the integration of blockchain technology and conventional finance.

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