WSJ: Major U.S. banks are "teaming up to issue stablecoins" to defend against the invasion of the encryption industry.

Large U.S. banks such as JPMorgan Chase are exploring joining forces to issue dollar stablecoins. The move aims to combat competition, improve payment efficiency, and potentially reshape the future of payments and finance as regulation becomes clearer. (Synopsis: Bridgewater Dario warns the world: more terrible than recession is the "collapse of currency and world order", now is the tipping point) (Background added: Trump declares "national emergency" tariffs wash Asian stocks in blood, Nikkei plunges 3%, South Korea holds an emergency meeting: Large U.S. banks, long wary of cryptocurrencies, seem to be showing signs of a shift in strategy in the near future. It is reported that JPMorgan Chase (JPMorgan Chase), Bank of America (Bank of America), Citigroup A number of major financial institutions, including (Citigroup) and Wells Fargo (Wells Fargo), are joining forces to explore the issuance of a stablecoin pegged to the US dollar. Although this plan is still in its early stages, it not only indicates that the traditional financial industry is actively seeking to integrate with digital asset technology, but also may have a profound impact on the future payment system and the overall financial landscape. According to people familiar with the matter, a number of heavyweight banks in the United States, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are currently jointly evaluating the feasibility of issuing digital stablecoins. The bank-led initiative, although discussions are still in the early conceptual stages, is understood to have touched on payment companies jointly owned by these banks, such as Early Warning Services (EWS), which runs Zelle, and The Clearing House, a real-time payments network (TCH)。 The move clearly shows that traditional financial institutions are actively seeking to establish themselves in the rapidly evolving cryptocurrency space. Defense of the cryptocurrency industry There are dual motivations behind banks' exploration of issuing stablecoins, starting with strategic defensive considerations: with the rise of stablecoins, banks' traditional deposit bases may be eroded, and the existing payment ecosystem may also be challenged, especially if digital currencies are issued by large technology companies or major retailers, which may bypass the traditional banking system. Therefore, by issuing stablecoins backed by their own banking system, these financial institutions aim to strengthen their central position in the payments space. On the other hand, it looks at the huge potential opportunities. Banks have realized that stablecoins have the potential to significantly improve payment efficiency, especially when it comes to cross-border transactions. Stablecoins enable near-instant settlement, improving liquidity and reducing transaction costs, which is a major innovation compared to the traditional time-consuming and expensive cross-border payment process. For example, Kinexs, the blockchain arm of JPMorgan Chase, has recently successfully settled a tokenized U.S. Treasury bond transaction through a public chain, and used Chainlink technology for cross-chain payment settlement, fully demonstrating the strength and progress of large banks in integrating digital asset technology. U.S. regulation is becoming clearer The gradual evolution of the U.S. regulatory environment also provides greater certainty for banks to participate in the stablecoin market. Legislative efforts aimed at establishing a clear regulatory framework for stablecoin issuance, such as the Stablecoin Transparency and Innovation Act (GENIUS Act) and a generally more cryptocurrency-friendly political climate, are driving banks to be more willing to directly explore interactions with digital currency technology. This increasingly clear regulatory signal helps reduce the compliance risks faced by large banks when entering the stablecoin space. In addition, this potential banking union stablecoin program also considers the possibility of wider participation in the future, and may allow other regional and community banks outside the alliance to use this stablecoin. At the same time, some regional and community banks are actively exploring the formation of their own stablecoin alliances, indicating that interest in cryptocurrency innovation is generally increasing throughout the banking industry. Although this project is still in the early stages of its preparation, if successfully realized, it could not only reshape the existing landscape of the global payments market, but also open a new chapter in the adoption and adoption of cryptocurrency technology in the mainstream financial system. However, in the process of its development, it still needs to overcome multiple challenges such as the complexity of technology implementation, the test of market acceptance, and the fierce competition from existing stablecoin issuers. How traditional financial institutions manage these variables and find a new balance in the digital wave will be the focus of continued attention in the future. 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