Bank of America, Wells Fargo, Santander and more than a dozen major banks are moving forward with plans to jointly launch a crypto stablecoin, according to Techub, citing a Wall Street Journal report. The report said an alliance made up of state bankers associations aims to roll out BankChain Alliance, a blockchain platform designed to support stablecoins, in the first half of 2027. The banks’ stance on issuing their own stablecoins has become more positive, with part of that shift tied to the success of non-bank entrants such as Visa and BlackRock in the sector. The report also noted that Visa, Mastercard and Stripe were said to have started developing a joint U.S. dollar-pegged stablecoin in June. Last month, Visa introduced Visa Stablecoin Platform, an enterprise product that gives financial institutions and fintech companies access to stablecoin management tools. Some of the banks involved in the joint effort have already started their own stablecoin initiatives over the past year, while JPMorgan said it does not currently plan to issue a stablecoin but will keep evaluating its options based on client demand and regulatory conditions.
Bank of America, Wells Fargo, Santander and more than a dozen other major banks are moving ahead with plans to jointly launch a crypto stablecoin, according to Techub, citing The Wall Street Journal.
The report said an alliance made up of state bankers associations plans to launch BankChain Alliance, a blockchain platform that supports stablecoins, in the first half of 2027.
Banks are becoming more open to stablecoins
According to the report, these banks have become more receptive to issuing their own stablecoins. Part of that shift is tied to the entry and success of non-bank companies such as Visa and BlackRock in the market.
In June this year, Visa, Mastercard and Stripe were reportedly developing a joint U.S. dollar-pegged stablecoin. Last month, Visa also launched Visa Stablecoin Platform, an enterprise platform that offers financial institutions and fintech firms access to stablecoin services and management tools.
Some banks have already started separate efforts
Among the banks involved in the joint stablecoin plan, some have already started their own stablecoin projects over the past year. Bank of America had begun drawing up stablecoin plans before this summer.
JPMorgan has also recently evaluated the possibility of launching its own stablecoin. The bank has already launched the tokenized deposit product JPM Coin and has been operating blockchain-related business lines.
A JPMorgan spokesperson said the bank currently has no plan to issue a stablecoin, but it will evaluate all options in the future based on customer demand and changes in the regulatory environment.
The item was attributed to Watcher Guru in the source material.
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