NEW YORK, May 22, 2025 — Some of the largest U.S. banks are in preliminary discussions about forming a consortium to develop a joint stablecoin, according to a report by The Wall Street Journal. The group includes companies connected to JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.

The idea, still in its conceptual phase, involves the potential use of a shared digital currency backed by U.S. dollars or equivalent assets. Sources cited by the Journal said the banks are looking at a model that would allow participation beyond the initial members, potentially including other financial institutions and regional banks.

While no formal plans have been announced, the move signals how seriously traditional financial firms are beginning to view stablecoins—cryptocurrencies designed to maintain a fixed value, often pegged to fiat currencies like the dollar.

The banks in question either declined to comment or did not respond to SME BUSINESS REVIEW's requests for confirmation. Citigroup, Bank of America, and Wells Fargo declined to comment. JPMorgan did not respond outside regular business hours.

The Clearing House and Early Warning Services—two bank-owned firms that process payments and verify transactions—may serve as infrastructure partners if the initiative moves forward, according to the report.

Stablecoins have so far been used mainly in crypto trading, helping users transfer value between digital tokens without relying on traditional currencies. But banks appear to be evaluating their potential role in domestic and international payments.

A separate group of regional and community banks has reportedly discussed launching its own consortium, though those conversations are even less defined.

The renewed interest comes amid a more permissive political tone. President Donald Trump has recently embraced cryptocurrency on the campaign trail, calling himself the “crypto president.” He has positioned digital currencies as a means to strengthen U.S. financial leadership, despite concerns about fraud and regulatory oversight.

Though the banks have not publicly committed to any project, the early talks suggest that stablecoins may be inching closer to mainstream financial adoption—not through startups or Silicon Valley ventures, but through the same institutions that define the status quo.