JPMorgan Chase and Citigroup Consider Issuing Stablecoins, Traditional Finance Accelerates Deployment of Crypto Payments

During "Crypto Week" in the U.S. Congress, JPMorgan Chase and Citigroup separately stated that they are considering entering the stablecoin market. JPMorgan Chase CEO Jamie Dimon stated that he will participate in "JPMorgan Chase Deposit Coin" and stablecoin-related businesses, exploring its potential in the field of payment. On the same day, Citi CEO Jane Fraser also said that it is studying the issuance of "Citi Stablecoin" and said that its tokenized deposit business is "very active."
In May of this year, the Wall Street Journal disclosed that JPMorgan Chase, Bank of America, Citi and Wells Fargo are planning to jointly issue stablecoins.
The current market cap of stablecoins has reached $258.0 billion, an increase of 58% compared to the same period in 2024. Large banks may reshape the USD stablecoin landscape and accelerate the encryption of the global payment system. (Cointelegraph) [Odaily Planet Daily]