Major banks accelerate blockchain efforts as JPMorgan considers a stablecoin alongside its existing JPM Coin product.
JPMorgan is evaluating the launch of its own stablecoin, expanding beyond its current JPM Coin tokenized deposit offering. The move aligns with broader industry efforts as over a dozen major banks explore a global stablecoin consortium, distinct from existing networks like Open USD.
The potential stablecoin would operate differently from tokenized deposits, enabling freer movement across wallets, exchanges, and blockchains. Meanwhile, smaller banks are advancing their own blockchain infrastructure through the BankChain Alliance, targeting a 2027 launch for shared stablecoin and settlement capabilities.
Neither Bank of America nor Wells Fargo participated in the Open USD network, making their involvement in a separate bank-led stablecoin initiative notable. The developments reflect growing competition in onchain payments and deposit tokenization.