The largest US banks, including JPMorgan, Citigroup, Bank of America, are at an early stage of negotiations on the creation of a consortium, the purpose of which will be the launch of a single stablecoin, said The Wall Street Journal.

The sources of the magazine said that the launch of stablecoin contributes to the demand for such tokens, as well as a favorable situation with legislation and regulation. The result of negotiations will largely depend on the position of regulatory authorities, the sources said.

This week, the US Senate voted for the bill on stablecoins, which creates the foundation for regulating stable cryptocurrencies. The bill prescribes the requirement that such tokens are fully provided with US dollars, or other liquid assets. And to the emitents of stablecoins with a capitalization of over $ 50 billion are prescribed an annual audit. However, so far the bills are not adopted in final form.

In addition to banks, the Clearing House and the Early Warning Services Fintech Firm, which stands behind the Zelle peer payment system, are going to participate in the new project.

Not only in the United States is the full regulation of stablecoins. For example, the Hong Kong Legislative Council has recently approved a bill on the regulation of stablecoin fiat currencies.