According to the Wall Street Journal, as the stable currency market continues to expand, large banks are revisiting the business. Previously, there had been widespread concerns in the banking sector about limited demand and the beginning of a shift in the attitude of encryption companies in the area of deposits and payments through a stable currency.

Morgan Chase is still on preliminary assessment.

According to sources, Morgan Chase had recently assessed the feasibility of introducing its own stable currency, but discussions were still at an early stage and had not yet entered into actual product development.

The spokesperson for Chase Morgan stated that the Bank currently had no plans to issue a stabilization currency, but that different options would be assessed on the basis of client needs and regulatory changes.

Morgan Chase currently operates JPM Coin, a system for the payment of currency deposits. Unlike a stable currency, monetized deposits are in essence a digital expression of bank deposits.

Multi-bank promotion of joint projects

According to the Wall Street Journal, more than a dozen financial institutions, including United States banks, banks of rich countries and Santander Bank, are promoting a global stabilization currency cooperation programme. The project will focus initially on the United States dollar and may be extended to the euro and other G-7 currencies.

  • The initial focus was on dollar stabilization.
  • G7 Currency
  • Commercial scenes will be tailored to each area.

Small and medium-sized banks are following up.

In addition to large banks, small and medium-sized financial institutions are exploring similar directions. On Tuesday, a coalition of state bankers ' associations announced plans to build a block chain platform held by banks.

There are currently approximately 39 state bankers ' associations involved in the project, covering approximately 3000 banks. For traditional banks, whether or not to issue or support a stable currency is not just a question of embracing the encryption industry, but of its place in future payment systems.

The size of the stable currency market has reached hundreds of billions of dollars. As encryption companies and non-banking institutions continue to expand, the shift in banking attitudes towards these digital dollar instruments also reflects the increasing competition for payments.