The Wall Street Journal (WSJ) reported that early discussions are taking place within banking consortia about the potential to create a joint bank stablecoin, citing sources. Potential vehicles for a stablecoin include the company responsible for Zelle and the Clearing House which operates the real-time payments network.
Zelle is run by Early Warning Services whose owners are Bank of America, Capital One, JP Morgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo. The Clearing House is owned by 22 banks which include the same ones as Zelle but also BNY, Citi and many international banks such as Barclays, Deutsche Bank, HSBC and Santander. The WSJ stated that non-member banks might also be invited to participate in the stablecoin.
Given one of the primary real world use cases for stablecoins is cross border payments, The Clearing House may be better positioned for this initiative due to its international membership.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
