Aug. 26 at 10:18 PM
Banks are increasingly considering launching their own stablecoins, despite previously opposing the idea, according to The Wall Street Journal. Large and small lenders are reassessing the opportunity as non-bank companies including Visa, BlackRock, Google and DoorDash enter a market currently dominated by Tether and Circle.
JPMorgan Chase recently evaluated the possibility of issuing its own stablecoin, although a spokesperson said the bank has no current plans to do so and will continue to assess customer demand and regulatory developments. JPMorgan already operates JPM Coin, a tokenized deposit, and its own blockchain.
Meanwhile, more than a dozen financial institutions, including Bank of America, Wells Fargo and Santander, are advancing a global stablecoin project. The shift comes after banks previously favored tokenized deposits and lobbied against crypto companies offering stablecoins that could compete with traditional bank deposits.
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