Multiple large US banks plan to jointly launch stablecoins, progress depends on legislative process

Odaily Planet Daily News: Major commercial banks in the United States, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in preliminary negotiations to jointly launch stablecoins. The institutions participating in the discussion include The Clearing House, jointly owned by multiple banks, and Early Warning Services LLC, the company behind Zelle. The stablecoin project is still in its early stages and progress will highly depend on the upcoming stablecoin legislation in the United States. The GENIUS Act has received support from both parties, requiring stablecoins to be fully reserved in US dollars or other highly liquid assets, and requiring issuers with a market value exceeding $50 billion to undergo annual audits. It also specifies relevant terms for overseas issuance. However, before the bill enters its final vote, some Democratic lawmakers are calling for further scrutiny of Trump's relationship with the cryptocurrency project. According to reports, Trump and his son have been accused of being associated with the World Liberty Financial project that issued the US dollar stablecoin USD1. （The Block）