Overview

• JPMorgan Chase is advancing its client-only deposit coin and laying groundwork for wider stablecoin offerings under Jamie Dimon’s direction.
• Citigroup and Bank of America are refining their own stablecoin prototypes and intend to launch them once client demand and legal clarity emerge.
• Morgan Stanley remains in an exploratory phase, assessing potential stablecoin use cases for its institutional clients without firm launch plans.
• The House of Representatives failed to advance the bipartisan GENIUS Act this week, leaving private stablecoin issuance frameworks in limbo.
• Banks view stablecoins as full-reserve, programmable payment tools that could boost 24/7 settlement capabilities and counter fintech competitors.