Several large US banks plan to jointly launch stablecoins, and progress depends on the legislative process

Mars Finance reports that major US commercial banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are conducting preliminary consultations on jointly launching a stablecoin. The participating institutions include The Clearing House, owned by multiple banks, and Early Warning Services LLC, the company behind Zelle. The stablecoin project is still in its early stages, and progress will heavily depend on upcoming US stablecoin legislation. The National Innovation and Stablecoin Establishment Act (GENIUS Act) has received bipartisan support, requiring stablecoins to be fully backed by US dollars or other highly liquid assets, mandating annual audits for issuers with a market cap exceeding $5 billion, and clarifying provisions for offshore issuance. However, before the bill enters final voting, some Democratic lawmakers are calling for further examination of Trump's connections to crypto projects. Reports suggest that Trump and his son have been linked to the World Liberty Financial project, which issues the USD1 stablecoin. (The Block)