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3d ago

U.S. Banks Accelerate Stablecoin Plans as GENIUS Act Stalls

Major lenders have confirmed proprietary deposit tokens alongside broader stablecoin pilots under a legal framework in limbo.

Brian Moynihan, chair of the board and CEO of Bank of America, speaks during The Clearing House Annual Conference in New York City, U.S. November 13, 2024. REUTERS/Brendan McDermid/File Photo
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Overview

  • JPMorgan Chase will expand its proprietary deposit coin and explore universal stablecoins despite CEO Jamie Dimon’s public skepticism.
  • Citigroup CEO Jane Fraser says the bank is exploring issuance of a Citi stablecoin for cross-border payments and related reserve management.
  • Bank of America has laid groundwork for stablecoin offerings but intends to launch a product only once client demand and legal guidelines are clear.
  • Mastercard positions its network as a bridge for minting, distribution and redemption of stablecoins through existing payment rails.
  • Analysts at Standard Chartered forecast stablecoin reserves could reach $750 billion by 2026, potentially reshaping U.S. Treasury issuance and the dollar yield curve.