Major banks are shifting from opposing stablecoins to advancing their own versions as competition grows in the payments market.
The change comes after years of resistance, reports The Wall Street Journal.
Banks large and small have started to warm up to the idea of their own stablecoins, despite early doubts from some executives that there will be much demand for them.
A group of more than a dozen financial institutions including Bank of America, Wells Fargo and Santander is moving forward with plans for a global stablecoin venture that would initially focus on the U.S. dollar.
JPMorgan Chase recently evaluated whether it could launch its own stablecoin though the discussions remain preliminary and the bank has stated it has no current plans to issue one.
A JPMorgan spokeswoman addressed the matter.
“While we have no plans to issue a stablecoin, the bank could evaluate its options depending on customer demand and the evolving regulatory environment.”
The bank already operates JPM Coin, a tokenized deposit system.
A consortium of 39 state bankers associations representing roughly 3,000 banks announced plans for a bank-owned blockchain platform.
The top stablecoins already represent a market worth hundreds of billions of dollars, underscoring the opportunity banks may be reluctant to leave to competitors.
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