Major US banks are exploring whether to team up to issue a joint stablecoin

Wall Street Journal (gated) report. Major U.S. banks are exploring a joint stablecoin to compete with the crypto industry. Banks see an opportunity in using stablecoins for faster transactions, like in cross-border payments, but there are still security and regulatory concerns. One possible model discussed would allow other banks to use the stablecoin. The bank consortium discussions are in early, conceptual stages and could change.Conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells FargoA stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency like the US dollar. It aims to combine the stability of traditional money with the efficiency of digital assets.