Some big banks for United States dey plan to form one group wey go issue their own stablecoin, according to The Wall Street Journal. Dem wan use this move take face the competition wey dey come from cryptocurrency sector.

Dem talk say the discussion involve companies wey JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other big banks dey co-own. Some of the main players na Early Warning Services — dem be the people wey dey run Zelle, the peer-to-peer payment app — and The Clearing House, wey dey operate real-time payment network.

People wey sabi the matter tell Wall Street Journal say the talks still dey early stage and e fit change if government regulation for stablecoins matter change.

Stablecoins — na one kind cryptocurrency wey dem tie to fiat currency like US dollar — dey popular because e dey help people transfer digital money fast and with small fees. Dem dey back am with cash or things like US Treasuries, so e dey work like digital dollar for crypto market.

The big banks dey check whether their own stablecoin fit help make payment faster, like for cross-border transactions wey dey take days for the normal system.

One idea wey dem dey discuss na to allow other banks wey no join the group to use the stablecoin, so e go create bigger network. But some smaller banks dey think to form their own group, even though e go hard because of size and government wahala.

The talks dey happen as former President Donald Trump dey push crypto come mainstream. Dem dey call am "crypto president" because e dey support crypto adoption and how e fit help banking system and make dollar strong pass.

Banks dey fear say if big tech companies or big shops start to use stablecoins, e fit make dem lose customers and transactions.

After government crack down on digital assets two years ago, the normal financial sector dey try catch up now.

Last month, WSJ report say some crypto companies dey plan to apply for banking licence because of new bill — the GENIUS Act — wey wan create rules for both banks and nonbanks to issue stablecoins.

US Senate don pass one step for the bill. According to one memo from law firm Paul Hastings, the latest version of the bill get restrictions for non-financial public companies wey wan issue stablecoins, but e no ban dem totally, even though banks dey push for am.