Some of the biggest banks in the United States are exploring the possibility of forming a consortium to issue a joint stablecoin, according to The Wall Street Journal, in a move aimed at countering increasing competition from the cryptocurrency sector.

Top US banks reportedly exploring joint stablecoin to rival crypto challengers

The discussions reportedly involve firms co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks. Key players include Early Warning Services — the operator of peer-to-peer payment app Zelle — and The Clearing House, which runs a real-time payments network.

Sources cited by the Wall Street Journal said the talks are still in early, conceptual stages and may evolve…