According to the Wall Street Journal, informed sources revealed that companies associated with JP Morgan, Bank of America, Citigroup and Wells Fargo had discussed the possibility of a joint release of a stabilization currency.
Other financial institutions that may be involved in the stabilization project include the digital payment network, the parent company of Zelle, Early Warning Services, and the payment network Clearing House.
Discussions are still at an early stage, and the final decision on the project may change depending on the regulatory environment and the need for a stable currency.
A spokesman for Chase Morgan stated to Cointelegraph that the company did not comment. The United States Bank, Citigroup and the Bank of Rich Countries did not respond immediately to requests for comments.
On 20 May, the United States Senate adopted by 66 votes to 32 to advance discussions on the Guidance and Establishment of the United States Stabilized Currency National Innovation Act (GENIUS Act) on stable currency regulation. The Act outlines the regulatory framework for the stabilization of currency collateral and requires compliance with anti-money-laundering laws. The bill has now entered the stage of plenary debate in the Senate.
Earlier this week, the White House encrypted currency consultant David Sachs indicated that he expected the bill to be passed and that it would be supported by both parties.
However, the bill was revised by the Democratic Party ' s top-level plan to include a clause prohibiting United States President Donald Turang from making other United States officials profiting from the stabilization currency.
Toran popularized its family's encryption platform World Liberty Financial, which created USD1 stabilization coins in March. Critics have argued that President Trump could personally profit by promoting favourable and stable currency regulation.
Stable currency demand surged.
Demand for a stable currency has been rising, and there is a growing trend towards the adoption of a stable currency at the national level and the desire of institutions to integrate it.
The total market value of the stable currency jumped from $205 billion at the beginning of the year to $245 billion, an increase of 20 per cent.
Earlier this week, it was reported that the yield-type stable currency currently accounted for nearly 4.5 per cent of the entire stable currency market, with a current supply of $11 billion.
Austin Campbell, a professor at the University of New York and founder of Zero Knowledge Consulting, said that the American banking lobby was “frightful” because a stable currency could destabilize traditional banking models.
Earlier this month, it was reported that Meta, the technology giant, was exploring ways to integrate stable currency payments into its platform.