Major U.S. and international banks are reviewing stablecoin options as crypto firms and technology groups expand into payments, according to a Wall Street Journal report published Aug. 26.

The discussion reflects growing interest in digital payment solutions and the potential for banks to issue or support stablecoins that could compete with existing crypto‑native tokens.

JPMorgan has stated it has no current plan to issue a stablecoin, though internal reviews have taken place, a spokeswoman said. The bank operates JPM Coin, a token that represents a claim against the bank’s deposit and is legally distinct from broadly transferable payment stablecoins.

More than a dozen banks, including Bank of America, Wells Fargo and Santander, are participating in a reported consortium that aims to develop a multicurrency stablecoin, beginning with a U.S. dollar token and possibly adding euros and other Group of Seven currencies. The group has not disclosed full membership, governance structure or a launch timetable.

On Aug. 25, 39 state banking associations announced the formation of the BankChain Alliance, a coalition intended to create shared blockchain infrastructure for payments, tokenized deposits and settlement. The alliance says the platform will be owned and governed by the banking industry and could support stablecoins as well as other digital asset services. It targets a 2027 launch, but technology partners, funding mechanisms and regulatory approvals have not been selected.

The GENIUS Act, enacted earlier this year, establishes a framework for payment stablecoin issuance, but implementing rules remain pending. The Office of the Comptroller of the Currency expects to finalize its stablecoin rule by November 2026, according to its schedule. Those rules will address reserve requirements, disclosures, redemption rights and bank participation.

Banks must assess whether stablecoins provide commercial value beyond tokenized deposits and existing instant‑payment systems. Deposit tokens keep funds within a bank’s balance sheet and regulatory perimeter, while independent stablecoins offer wider blockchain distribution.

Further developments are expected to include identification of consortium members, regulatory filings, technology selections and confirmed launch schedules.