Major U.S. banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are discussing a joint stablecoin initiative to address growing competition from the crypto sector. They are collaborating with Early Warning Services, the operator of Zelle, and the Clearing House, a real-time payment network. This stablecoin project is in the early stages and hinges on future regulations and market interest. Banks see stablecoins as a promising tool for faster, especially cross-border, transactions despite facing regulatory challenges.