A significant statement concerning cryptocurrency adoption has been delivered by Charles Hoskinson, the founder of IOG, the firm responsible for developing the Cardano blockchain, as he addressed the broader crypto community.
A response was offered by Hoskinson regarding recent media coverage that indicated the largest U.S. banks were exploring a collaborative initiative to issue a stablecoin.
Major U.S. Banks Explore Launching Joint Stablecoin Initiative
According to a report by The Wall Street Journal, major U.S. banking institutions have begun evaluating a collaborative effort to develop and launch a stablecoin. This initiative is being considered as a strategic response to the growing competitive pressure posed by the expanding cryptocurrency sector.
According to sources cited by the Wall Street Journal, the group of banks involved includes JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup, among others. The initiative is also being supported by peer-to-peer payment service Zelle and the real-time payment network Clearing House, which have aligned with the effort.
Discussions remain in their preliminary phases, focusing on foundational elements and the conceptual framework for the potential stablecoin, with the outcome still subject to significant changes. Earlier this week, the advancement of a stablecoin regulatory bill through a key vote in the U.S. Congress has sparked widespread speculation about a surge in stablecoin adoption and market share under the current pro-crypto administration led by President Trump.
Stablecoins are reportedly being considered by Meta for integration into its payment infrastructure, following the company’s earlier unsuccessful bid to roll out its own digital currency, LIBRA, between 2019 and 2020. Meanwhile, major players in the cryptocurrency space have begun making moves into this sector. In December 2024, Ripple introduced RLUSD, a stablecoin pegged to the U.S. dollar, positioning it as a benchmark for enterprise-grade digital assets.
Hoskinson Responds to Stablecoin News With “As Predicted” Remark
This news prompted a succinct response from Cardano founder Charles Hoskinson on his X handle, where he remarked, “As predicted.”
Numerous members of the crypto community responded to Hoskinson’s post and the news regarding major U.S. banks exploring stablecoin issuance. One enthusiast speculated that if American banking giants successfully launch their own stablecoin, it could rapidly displace existing leaders like USDT and USDC, remarking, “Rip Circle and Tether — we hardly knew ye.”
At present, the overall valuation of the stablecoin market stands near $243 billion, with approximately $152 billion of that controlled by Tether.
