JPMorgan Chase is now reviewing whether to launch its own stablecoin.
The bank is doing that work on a separate track from a group of 21 banks and financial firms that plan to build a dollar stablecoin for business payments across borders, reports The Wall Street Journal.
That group includes Bank of America, Wells Fargo, Citigroup, Santander and Goldman Sachs.
They want the venture running in the first half of 2027 and plan to set up a company to run it.
The token will be pegged to dollars, with other Group of Seven currencies planned for launch in the future. Use will be aimed at commercial clients initially, and some regions may offer it to retail customers later.
Meanwhile, JPMorgan’s stablecoin analysis remains in early stages.
Banks see the project as a way to keep business that independent stablecoins could take after last year’s Genius Act set federal rules for dollar tokens and made a bank-issued coin easier to attempt.
The same firms have also worked on tokenized deposits, which turn ordinary bank balances into digital tokens and are not the same as a currency-pegged stablecoin.
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