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Wall Street Mounts Pushback on Trillion-Dollar Stablecoin Boom
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Cryptocurrencies Wall Street Mounts Pushback on Trillion-Dollar Stablecoin Boom For years, banks largely watched stablecoins evolve from a niche cryptocurrency product into a payments network moving tens of trillions of dollars annually. Now they’re dusting off the same collaborative playbook that produced Zelle, betting shared infrastructure is the best way to stop digital dollars from encroaching further on their business. A consortium of major lenders including JPMorgan Chase & Co., Bank...
Cryptocurrencies
Wall Street Mounts Pushback on Trillion-Dollar Stablecoin Boom
For years, banks largely watched stablecoins evolve from a niche cryptocurrency product into a payments network moving tens of trillions of dollars annually. Now they’re dusting off the same collaborative playbook that produced Zelle, betting shared infrastructure is the best way to stop digital dollars from encroaching further on their business.
A consortium of major lenders including JPMorgan Chase & Co., Bank of America Corp., HSBC Holdings Plc., Citigroup Inc. and Wells Fargo & Co. recently unveiled plans for a shared network connecting tokenized bank deposits. Those are digital versions of money housed in commercial banks that move over payments rails called blockchain, which the crypto industry first introduced.