The stablecoin market in the USA is on the verge of a new era. While the Draft Genıus ACT is expected to be on the agenda of the Senate, the leading banks of Wall Street are preparing for a remarkable cooperation. JPMorgan, Citigroup, Bank of America and Wells Fargo are working on a common stablecoin project. This development has the potential to change balances in the sector.
Giant banks rolled up their sleeves for common stablecoin
America’s financial giants make plans to have more say in the crypto money market. According to the latest reports in Wall Street Journal, large banks such as JPMorgan Chase, Citigroup, Bank of America and Wells Fargo emphasize the possibility of starting a Stablecoin project together. With this project, it is aimed to create a strong alternative to the current players of the market. Although the negotiations have not yet become an official partnership, banks have started detailed preparations for the issue.
The basis of the planned stablecoin initiative lies in full compliance and high safety standards. Thanks to this project, banks want to strengthen their place in financial technologies and increase their user trust in crypto currencies. Especially in a market dominated by companies such as Circle and Tether, especially in the field of Coins fixed to the US Dollar, the entrance of large banks can create a serious change. Analysts say that such an attempt will reshape the wars of dominance in the sector.
Preparing a legal ground, the market is reshaped
Genıus Act on the Senate agenda is the first comprehensive regulation for stablecoins in the USA. The bill aims to protect the investor and to minimize risks within the financial system. If the legislation is enacted, the financial institutions will be paved the way for the more systematic and safe inclusion of the crypto money market. This can accelerate the professionalization process in the sector.
The legal clarity of the legislation may increase the interest of traditional financial institutions to the digital asset market. Projects such as USDC and USDT, which are currently active in the market, may be forced against banking -supported alternatives supported by regulations. The recent small parity shifts in Circle’s USDC may affect the trust of the investor. As a matter of fact, Arthur Hayes’s “goodbye Circle” exit shows how the market is facing a wave of change.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
