Bank of America, Wells Fargo, Santander & over a dozen other major banks are moving forward with plans to launch a crypto stablecoin. According to a report from The Wall Street Journal, A consortium of state bankers’ associations plans to launch BankChain Alliance, a blockchain platform supporting stablecoins, in the first half of 2027.
Banks large and small have started to warm up to the idea of their own stablecoins, despite early doubts from some executives that there will be much demand for them. These banks are welcoming stablecoins as nonbank companies like Visa, BlackRock, Google, and DoorDash enter the market and have seen success. Back in June, Visa, Mastercard, and Stripe reportedly began developing a joint stablecoin pegged to the US dollar. In addition to that effort, last month, Visa launched the Visa Stablecoin Platform, giving financial institutions and fintechs a dedicated enterprise platform for stablecoin access and management.
Some of the banks involved in the latest joint stablecoin venture have already established their own stablecoin projects in the last year. Bank of America began developing plans for a stablecoin before this summer began. The largest U.S. bank JPMorgan also recently evaluated whether it could launch its own stablecoin, according to people familiar with the matter. The bank has already launched its own tokenized deposit JPM Coin, as well as work in blockchain. “While we have no plans to issue a stablecoin, depending on customer demand and the evolution of the regulatory landscape, we would of course evaluate all options in the future,” a JPMorgan spokeswoman said.