JPMorgan and other top 4 US banks plan joint crypto stablecoin as SEC scrutiny builds

- JPMorgan Chase, Bank of America and Other Major US Banks Consider Issuing a Joint Stablecoin - High Barriers such as SEC Regulations and Federal Licensing Requirements [Unblock Media] May 23, 2025 — It has been confirmed that major US banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are considering issuing a joint stablecoin. According to a report by The Wall Street Journal (WSJ), the project has entered the preliminary discussion phase to ensure 'regulatory compliance' and to innovate global payments. This move is interpreted as a significant turning signal not only for the cryptocurrency market but also for the overall global financial ecosystem. Currently, the issuance of stablecoins in the US requires close cooperation with financial regulatory agencies. The SEC (Securities and Exchange Commission) has interpreted payment-based stablecoins as "not securities" when they are not for investment purposes, reflecting the Reves precedent and the Howey Test criteria. However, there are still high barriers such as federal licensing requirements, reserve adequacy, and AML/KYC requirements. Particularly, unauthorized issuance could be subject to sanctions under laws such as the Waters Act, leading banks to actively seek legal counsel and regulatory responses. If this project materializes, the practicality of 'institutional stablecoins' for international payments and asset transfers is expected to be fully tested. The European Union has indeed strengthened the requirements for stablecoin issuers through MiCAR (Markets in Crypto-Assets Regulation), and major financial regions in Asia such as Singapore, Japan, and Hong Kong have also clarified licensing systems and capital regulations. The move to integrate decentralized technology into the existing banking system entails various expected benefits, including improved payment speed, reduced fees, and enhanced transparency in fund tracking. Particularly, if crypto-based infrastructure is applied to global remittances and inter-institutional clearing systems, it will pose a significant challenge to existing SWIFT and traditional financial protocols.