The attitude of the U.S. banking industry towards stablecoins is undergoing a clear shift. JPMorgan Chase recently stated that although there are no formal plans to launch stablecoins at present, they will evaluate relevant options based on customer needs and regulatory developments. As the legal framework for stablecoins in the United States takes shape, the banking system is accelerating its entry into this market.
JPMorgan Chase evaluates new product directions
The Wall Street Journal reported on August 26 that JPMorgan Chase is researching a stablecoin for the public, which may coexist with the existing JPM Coin. JPMorgan Chase subsequently responded that there are no current issuance plans, but they are observing changes in demand and the regulatory environment.
This difference is not just about the name. JPM Coin belongs to tokenized deposits, mainly serving institutional clients and operating within a relatively closed network. Essentially, it remains a digital form of bank deposit. If a stablecoin for the public is launched, it would mean that any user could hold and transfer this token without having to become a JPMorgan Chase client first.
JPMorgan Chase already has a considerable scale of on-chain payment infrastructure in place. Its Kinexys platform handles over $7 billion in tokenized deposits per day, with a cumulative transaction volume exceeding $4 trillion. The platform has also been extended to Canton Network and Base, and has participated in tokenized U.S. Treasury bond redemption tests based on XRP Ledger.
US banking industry advances blockchain-based payments simultaneously
JPMorgan Chase is not an isolated case. Reports mention that more than a dozen global banks are developing multi-currency stablecoin projects, initially focusing on the US dollar. The BankChain Alliance, composed of banking associations from 39 states, has also been established, with plans to build a licensed blockchain network that covers the entire United States and operates around the clock for use by community banks and medium-sized banks.
According to the disclosure, this alliance represents 3,283 banks with total assets of approximately $21.8 trillion, and its goal is to launch a related network by 2027. The focus is not on issuing a single stablecoin, but rather on establishing a foundational clearing and payment infrastructure that can be used jointly by banks.
In addition, behind Zelle, Early Warning Services launched the US dollar stablecoin ZLUSD in June 2026, and designated India as the first international remittance channel. The Clearing House, a payment company jointly owned by major US commercial banks, is also coordinating a shared tokenized deposit network, with a target timeline for the first half of 2027.
Regulatory implementation drives up competition
The core background driving this round of actions is the official implementation of the U.S. GENIUS Act in July 2025. This act establishes a legal framework for payment-style stablecoins at the federal level for the first time, shifting the issuance of stablecoins by banks from a grey area to a licensed business.
However, the detailed implementation rules have not yet been fully established. Reports indicate that regulatory authorities were unable to complete the supporting regulations within the originally scheduled one-year period, and the Federal Reserve Bank of the United States has now set the final rule release date for November 2026.
The market size is also attracting traditional banks to accelerate their actions. The current total market value of stablecoins is approximately $316 billion, of which Tether accounts for about 59% of the market value share, while Circle's USDC occupies about 70% of the adjusted trading volume. As banks bring their balance sheets, customer bases, and payment network advantages into this market, the competition among stablecoins is shifting from a contest between crypto-native companies to direct competition between traditional financial institutions and existing issuers.
