Major U.S. and international banks are reconsidering stablecoins as crypto companies and technology groups expand into payments, according to an Aug. 26 Wall Street Journal report.
JPMorgan Evaluated a Stablecoin Without Approving One
JPMorgan recently discussed whether to issue its own stablecoin, the Journal reported, citing people familiar with the matter. The bank has not started developing an active product. A JPMorgan spokeswoman said while the bank has no plans to issue a stablecoin, it could review its options as customer demand and regulations evolve. Chief Executive Jamie Dimon previously said the bank would become more involved with stablecoins to understand their role and compete with financial-technology companies.
JPMorgan already operates JPM Coin through its Kinexys blockchain platform. JPM Coin is a deposit token representing a customer's claim against JPMorgan, rather than an independently issued payment stablecoin backed by a separate reserve portfolio. This evaluation mirrors the broader stablecoin expansion seen with Revolut's EURR launch in Europe.
Global Banks Reportedly Consider a Shared Stablecoin
More than a dozen financial institutions, including Bank of America, Wells Fargo and Santander, are reportedly advancing a global stablecoin venture. The group would initially focus on a U.S. dollar token before potentially adding euros and other Group of Seven currencies. The participants have not publicly released the project's complete membership, governance model, backing arrangements or timetable. Large banks are also developing tokenized-deposit networks designed to keep customer money inside the commercial banking system.
Separately, 39 state bankers associations announced the formation of BankChain Alliance on Aug. 25. The associations represent thousands of U.S. banks. BankChain described its planned network as secure, regulated infrastructure that could support stablecoins, tokenized deposits, smart payments and automated settlement. This community banking initiative builds on the BankChain 2027 U.S. launch plans covered earlier.
Stablecoin Rules Will Determine What Banks Launch
The GENIUS Act created a U.S. framework for payment stablecoin issuers, but several implementing rules remain unfinished. The Office of the Comptroller of the Currency expects to finalize its stablecoin rule by November 2026. The final requirements will shape reserve management, disclosures, redemptions and bank participation. Banks must also decide whether stablecoins provide enough commercial value beyond tokenized deposits and existing instant-payment systems.
Crypto-native stablecoins offer wider blockchain distribution, while deposit tokens keep money within a bank's balance sheet and regulatory perimeter. The regulatory landscape for stablecoins continues to evolve, as seen in the debate over stablecoin ID rules and P2P transfer exemptions. No verified market reaction can be attributed specifically to the Journal report.
