There is a marked shift in the attitude of the United States banking sector towards a stable currency. Morgan Chase recently indicated that while there was no formal plan to introduce a stabilization currency, options would be assessed on the basis of client needs and regulatory progress. The banking system is accelerating access to the market with the landing of the United States stable currency legal framework.
Morgan Chase evaluates new product directions
The Wall Street Journal reported on 26 August that Morgan Chase was studying a stable currency for the public, possibly in parallel with the existing JPM Coin. Morgan Chase subsequently responded that there was no current distribution plan, but that changes in demand and the regulatory environment were being observed.
This difference is not just a difference in name. JPM Coin is a monetized deposit, and the main service provider, the customer, operates in a relatively closed network and remains essentially a digitized form of bank deposits. The introduction of a stable currency for the public means that any user can hold and transfer it without having to become a Chase customer.
The payment infrastructure of Morgan Chase is already on a scale. Its Kinexys platform has processed more than $7 billion in daily monetized deposits, with cumulative transactions of more than $4 trillion. The platform was previously extended to Canton Network, Base and participated in the XRP Legger-based foreclosure test.
U.S. Bank Synchronization Chain Payments
Morgan Chase is not an example. It was reported that more than 10 global banks were developing multi-currency stabilization projects, initially dominated by the United States dollar. The Bank Chain Alliance, a group of 39 state banking associations, has also been set up, and plans are under way to build a network of licensed block chains that cover all-American, all-weather operations for use by community and medium-sized banks.
According to the disclosures, the Alliance represents 3,283 banks with total assets of approximately US$ 21.8 trillion and aims to launch the network in 2027. The focus is not on issuing a single stable currency, but rather on building a bottom-up clearing and payment infrastructure that can be used jointly by banks.
In addition, the Early Warning Services behind Zelle launched the United States dollar stabilization currency ZLUSD in June 2026 and established India as the first international remittance channel. The Clearing House, a payment company co-owned by large commercial banks in the United States, is also coordinating a shared network of token deposits for the first half of 2027.
Regulatory landings drive up competition
At the heart of the move was the entry into force of the United States GENIUS Act in July 2025. For the first time, the bill established a legal framework at the federal level for the payment of stable currency, which shifted the issuance of stable currency by banks from grey areas to licensed operations.
However, implementation rules have not yet been fully landed. The report mentions that the regulatory authority failed to meet the original one-year deadline for the completion of the accompanying rules, and that the United States Monetary Supervisory Authority is now pointing the final rules to November 2026.
Market size is also attracting accelerated action by traditional banks. The current total market value of the stable currency is approximately US$ 316 billion, of which Tether accounts for about 59 per cent of the market value, while the USDC of Circle accounts for about 70 per cent of the adjusted trade. As bank balance sheets, customer base and payment network advantages enter the market, the stable currency competition is shifting from a race between encrypted original companies to a positive competition between traditional financial institutions and existing issuers.