A wave of institutional transformation is underway as major U.S. banks explore the creation of a joint crypto stablecoin.

This initiative, led in part by Early Warning Services and The Clearing House, aims to modernize cross-border transactions and interbank settlements through blockchain-based digital dollars.

Major U.S. banks, including JPMorgan Chase, Citigroup, and Wells Fargo, are reportedly exploring the creation of a joint crypto stablecoin, according to a report by The Banker. The initiative, which is being led in part by Early Warning Services and The Clearing House, aims to modernize cross-border transactions and interbank settlements through blockchain-based digital dollars.

If launched, the stablecoin could have significant implications for the crypto industry, shifting competitive dynamics and increasing demand for interoperable, next-generation networks. This move comes as the U.S. Senate prepares to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bipartisan bill that would create a regulatory framework for stablecoins.

The bill, which is being led by Senators Bill Hagerty (R-Wyo.) and Mark Warner (D-Va.), would set requirements for stablecoin issuers, including anti-money laundering safeguards and collateralization. It would also create a licensing regime for stablecoin issuers and give the Federal Reserve the authority to create a wholesale central bank digital currency (CBDC).

The bipartisan interest in stablecoin legislation is a sign of the rapid progress that crypto technology is making in the U.S. While there are differing viewpoints on the optimal approach to crypto regulation, both parties agree on the need for clear and consistent rules of the road.

"This bipartisan legislation provides a common-sense framework to foster innovation in digital assets while safeguarding consumers and the financial system," said Hagerty. "We must act to ensure that the United States remains the global leader in this emerging domain."

Warner added that the bill would "set up a system where private stablecoins can operate safely and effectively, and it gives the Fed the authority to introduce a wholesale CBDC if they deem it appropriate."

The GENIUS Act is expected to be voted on by the full Senate in the coming weeks. If passed by the Senate and House of Representatives, the bill would then need to be signed into law by the president.

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Stay tuned for more updates on this developing story.

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