Top US banks consider joint stablecoin to counter cryptocurrency competition

Some of the largest banks in the United States, including JPMorgan Chase (NYSE:JPM), Bank of America, Citigroup (NYSE:C), and Wells Fargo are in preliminary talks about issuing a joint stablecoin, the Wall Street Journal reported on Friday.

This move is seen as an attempt to counter the growing competition from the cryptocurrency industry.

First they say we dont need crypto now they are getting into it. interesting

 

Those banks should invent cardless credit cards, or something like that that bears its famous names. And then more people would trust it, use it, be open to it

Not many people know about or trust crypto. Crypto options are still very foreign, confusing and scary to alot of people.

 

Indeed the cryptocurrency supply is infinite.

There are already > 17000 cryptocurrencies, > 2.5million tokens in this world.

 

In short banks wants to control all the transactions inside crypto.

 

Let me correct you crypto currency supply is not infinite its the token which you can create and launch on platforms like pump dump or regulated one binance.

Bitcoin supply is about to end.