Major U.S. banks are exploring a joint stablecoin initiative to counter rising competition from crypto markets, according to The Wall Street Journal. JPMorgan, Bank of America, Citigroup, and Wells Fargo are in early talks about the initiative.

Discussions involve companies co-owned by JPMorgan and others, as lenders brace for the possibility that stablecoins could siphon away deposits and transactions.

Some of the biggest banking companies in the US are reportedly exploring a team-up to launch a crypto stablecoin. Companies owned by JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin The Wall Street Journal reported on May 22,