JPMorgan Eyes Stablecoin as Big Banks Unite on Dollar-Pegged Token

JPMorgan Chase is considering launching its own stablecoin as rival big banks build a dollar-pegged token for business payments across borders.

A group of 21 banks and financial firms, including Bank of America, Wells Fargo, Citigroup, Santander, and Goldman Sachs, are working on a separate project to create a dollar stablecoin.

The venture aims to launch in the first half of 2027 and will be pegged to dollars, with other Group of Seven currencies planned for launch in the future.

JPMorgan's stablecoin analysis remains in its early stages, but banks see this 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.