Several large US banks plan to jointly launch stablecoins, and progress depends on the legislative process

Odaily Planet Daily News JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major US commercial banks are in preliminary consultations on jointly launching stablecoins. Institutions involved in the discussion include The Clearing House, which is jointly owned by several banks, and Early Warning Services LLC, the company behind Zelle. The stablecoin project is still in its early stages, and progress will be highly dependent on the upcoming stablecoin legislation in the United States. The National Innovation and Stablecoin Establishment Act (GENIUS Act) has received bipartisan support, requiring stablecoins to be fully reserved in US dollars or other highly liquid assets, and requiring issuers with a market value of more than US$50 billion to conduct annual audits, while clarifying the relevant terms of overseas issuance. However, before the bill entered the final vote, some Democratic lawmakers called for further review of Trump's relationship with the encryption project. According to reports, Trump and his son were once accused of being associated with the World Liberty Financial project that issued the US dollar stablecoin USD1. (The Block)