Wall Street’s Crypto Coup? Mega Banks Quietly Gear Up for Stablecoin Entry

America’s leading financial institutions are eyeing stablecoins, and a recent report reveals that multiple banks are quietly collaborating on ventures to debut crypto assets tethered to the U.S. dollar.

WSJ: Stablecoin Bloc Forms Behind Closed Doors

Should the Guiding and Establishing National Innovation for U.S. Stablecoins Act—aptly dubbed the GENIUS Act—clear the Senate and land on Trump’s desk for approval, these banking giants are expected to dive headfirst into the space.

The Wall Street Journal (WSJ), citing unnamed individuals familiar with the matter, reports that entities linked to Bank of America, Wells Fargo, JPMorgan, and Citigroup are exploring the possibility of collaborating on a unified stablecoin initiative.

WSJ journalists Gina Heeb and Justin Baer noted that, according to these insiders, discussions within the banking coalition remain at an early stage and are subject to revision. A concrete path forward depends largely on the regulatory contours defined by the GENIUS Act, and whether banks perceive sufficient “demand for them,” according to Heeb’s and Baer’s source.

Earlier this week, the U.S. Senate voted 66-32 to invoke cloture on the GENIUS Act, propelling it to the next legislative checkpoint. As legacy finance (TradFi) powerhouses line up at the threshold, the fate of established players like Circle and Tether hangs in the balance. While the two currently dominate the stablecoin sphere, that edge could evaporate swiftly should names like JPMorgan and Bank of America enter the ring.

Some speculate that the involvement of TradFi heavyweights could send liquidity soaring and fuel an extended crypto rally. If the GENIUS Act clears the final hurdles and earns Trump’s signature, the arrival of these financial titans is not a question of if—but when.