JPMorgan and Citigroup Consider Issuing Stablecoins as Traditional Finance Accelerates Crypto Payment Initiatives
Odaily Planet Daily – During the “Crypto Week” in the U.S. Congress, JPMorgan Chase and Citigroup each announced they are considering entering the stablecoin market. JPMorgan CEO Jamie Dimon stated that the bank will participate in businesses related to the “JPMorgan Deposit Token” and stablecoins, exploring their potential in the payments sector. On the same day, Citigroup CEO Jane Fraser also revealed that the bank is studying the issuance of a “Citi Stablecoin,” noting that their tokenized deposit business is already “very active.”
In May of this year, The Wall Street Journal reported that JPMorgan, Bank of America, Citigroup, and Wells Fargo were planning to jointly issue a stablecoin.
The current stablecoin market capitalization has reached $258 billion, up 58% compared to the same period in 2024. Major banks may reshape the U.S. dollar stablecoin landscape and accelerate the crypto transformation of global payment systems. (Cointelegraph)
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