Wall Street Banks Explore Stablecoin Initiative Amid GENIUS Act Progress
- Major Wall Street banks, including Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup, are considering a joint stablecoin project.
- The GENIUS Act, advancing in the U.S. Senate, could provide a framework for banks to issue stablecoins.
- Circle’s USDC recently experienced a minor devaluation to $0.9987.
- Arthur Hayes views this initiative as a threat to existing stablecoin leaders like Circle (USDC) and Tether (USDT).
- Circle is reportedly in talks with Ripple and Coinbase about a potential sale.
The exploration of a collaborative stablecoin by major banks comes as the GENIUS Act progresses in the Senate, potentially reshaping competition in the stablecoin market and impacting Circle’s USDC stability.
Source (2.6)https://coingape.com/bye-bye-circle-arthur-hayes-says-as-big-banks-explore-joint-stablecoin-venture/?rand=24432
