Some of the most prominent US banks, such as JP Morgan Chase, Bank of America, Citigroup, and Wells Fargo, are partnering to issue a joint stablecoin account. The Wall Street Journal released the report on Friday.
While the details about the move are incomplete, it is done to counter the growing competition and interest in the industry. This new venture could simply overhaul the relationship between the DeFi protocols and traditional banks.
Stablecoins are best suited for the traditional banking system since they retain their value throughout. Therefore, stablecoins are the first step of the crypto and traditional banking system. Therefore, this new chapter could change the landscape.
The confluence between the two aspects comes together at press time to create something new. Therefore, it changes the complete dynamics of the landscape.
