The GENIUS Act allows banks to issue stablecoins, triggering interest from major banks. During earnings calls, executives from significant US banks expressed either plans or ongoing efforts to launch stablecoin products. The law signals a shift in the banking sector's approach towards digital currency, with leaders like Jamie Dimon acknowledging the potential impact of stablecoins on traditional banking functions. This indicates a growing acceptance of digital innovations and their implications for banking services, while some remain skeptical about the necessity of stablecoins compared to traditional payment methods.
During second-quarter earnings calls, executives at five of the six largest US banks said they've either launched stablecoin products or have plans to do so.
Congress just passed the GENIUS Act, the first federal law regulating digital currency, which could allow traditional banks to issue stablecoins.
Jamie Dimon expressed slight skepticism about stablecoins, saying, "I don't know why you'd want a stablecoin as opposed to just payment."
The discussion around stablecoins among major bank CEOs indicates a willingness to embrace digital currency innovations as potential cash-flow opportunities.
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