Cardano Founder Says Big Crypto Prediction Comes True

Banks Explore Stablecoin Venture, Challenging Crypto Industry

In a move that could reshape the financial landscape, the largest American banks are reportedly exploring a joint opportunity to issue a stablecoin. This development has captured the attention of the crypto community, including Charles Hoskinson, the founder of IOG, the company behind the Cardano blockchain.

The Wall Street Journal reports that major U.S. banks—including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo—are investigating the possibility of collaborating to create and launch a stablecoin. This strategic move is seen as a response to the growing competition from the cryptocurrency industry.

The discussions, still in early stages, involve the P2P payment system Zelle and the real-time payment network Clearing House. With the stablecoin regulatory bill recently passing a major voting hurdle in the U.S. Congress, the potential growth and adoption of stablecoins in the country has become a hot topic.

Cardano founder Charles Hoskinson responded to the news with a simple but telling statement: "As predicted." This suggests he anticipated this move by major banks, highlighting his understanding of the evolving cryptocurrency landscape.

The potential entry of U.S. banking giants into the stablecoin market has sparked debate among crypto enthusiasts. Some believe a bank-backed stablecoin could quickly challenge existing market leaders like Tether (USDT) and USD Coin (USDC).

The stablecoin market currently stands at approximately $243 billion, with Tether dominating at $152 billion. A bank-backed alternative could significantly impact the broader cryptocurrency ecosystem.

Key Takeaways

• Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring a joint stablecoin venture
• Discussions involve payment systems Zelle and Clearing House
• Cardano founder Charles Hoskinson responded with "As predicted"
• Industry experts speculate a bank-backed stablecoin could disrupt Tether and USDC
• Current stablecoin market valued at $243 billion, with Tether holding $152 billion