JPMorgan held preliminary discussions about launching a stablecoin, according to The Wall Street Journal, though no product is currently under development. The largest US bank, which already operates JPM Coin and its own blockchain, said it has no plans to issue a stablecoin but would evaluate its options based on customer demand and regulatory developments. Meanwhile, a group of more than a dozen financial institutions including Wells Fargo, Bank of America and Santander is developing a stablecoin venture that could operate globally. The banks are considering a token initially backed by dollars, with plans to expand to euros and potentially other G7 currencies, with commercial applications varying by market.
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