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As the cryptocurrency bill advances, Wall Street signals a stablecoin counterattack

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2025-07-17 15:49:58
The heads of several major US banks, including JPMorgan Chase CEO Dimon, Bank of America CEO Moynihan, and Citigroup CEO Fraser, see stablecoins as a potential threat to the control of payments in the banking industry. Veteran bankers are exploring tools such as deposit tokens and bank-issued stablecoins to defend their control over payments. Fraser said the bank is actively exploring reserve management for stablecoins and providing custodian services for crypto assets. Moynihan warned that the banking industry must cope with the rise of stablecoins, whether by developing its own products or partnering with emerging payment institutions to prevent customers from switching to new partners.
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