NEW YORK, May 23. /TASS/. Major American banks are planning to create a joint stablecoin, a digital currency pegged to the value of the dollar, The Wall Street Journal reported citing sources.
The negotiations between JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are at an early stage. The stablecoin is supposed to allow them to speed up financial transactions, including international transfers, which can take several days for the traditional banking system to complete. American credit institutions fear that without the establishment of their own stablecoin they will cease to be competitive in the rapidly developing cryptocurrency market.
According to the newspaper, the final decision will depend on the assessment of demand for such currency from bank customers, as well as on legislative initiatives in this area.