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- The main American banks are cooperating in the Stablecoin initiative to compete with the encryption industry.
- The project highlights the integration of digital assets within traditional banking infrastructure.
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The largest banks in America evaluate the Stablecoin Cooperative Initiative to compete with the digital assets platforms that quickly gain the market share, The Wall Street Journal I mentioned Thursday.
Now in early exploration, this effort combines the entities that participate in JPMorgan Chase, Bank of America, Steprep, Wales Fargo and other leading American banks, on the knowledge of the magazine.
These entities are early warning services (EWS), which runs the payment network from counterpart to Zelle and the Clearing House (TCH), which deals with actual time payments between banks.
EWS jointly owned by seven major American banks, including JPMorgan Chase, Bank of America and Wells Fargo. Tch, at the same time, is owned by twenty of the world’s largest banks, including these three.
The future of the stablecoin joint project depends on organizational clarity and market appetite. As of now, the most prominent legislative effort in this field is the genius law, which aims to create a frame for the edition of Stablecoin by both banks and non -banks.
The law, which was shortened in directing and creating the national innovation of the American Stablecoins Law, has just issued a decisive procedural vote earlier this week in the stage of amending the Senate. The full voting of the proposed legislation is expected to reach in the coming weeks.
Agree 69-31 votes.
Now to the amendment process … https://t.co/qzo9xx8a3p
Eleanorterrett May 21, 2025
If it is yearned, the genius law will put a legal framework for the issuance of Stablecoins in the United States, which encourages investing in Wall Street in the encryption sector.
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