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Wall Street Mounts Pushback on Trillion-Dollar Stablecoin Boom

For years, banks largely watched stablecoins evolve from a niche cryptocurrency product into a payments network moving tens of trillions of dollars annually. Now they’re dusting off the same collaborative playbook that produced Zelle, betting shared infrastructure is the best way to stop digital dollars from encroaching further on their business.

The Zelle logo on a smartphone arranged in Hastings-on-Hudson, New York, US, on Wednesday, Jan. 25, 2023. Early Warning Services LLC, the payments company jointly owned by banks including JPMorgan Chase & Co. and Wells Fargo & Co. and operates the Zelle money-transfer service, is developing a digital wallet in an effort to challenge PayPal Holdings Inc.’s dominance in online payments. Photographer: Tiffany Hagler-Geard/Bloomberg
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Wall Street Puts Blockchain to Work in $13 Trillion Repo Market

JPMorgan Chase & Co. spent hundreds of millions of dollars over the course of more than a decade developing systems using blockchain, a novel technology that was supposed to radically upend financial markets, but has yet to become a game-changer.

Big banks and other finance firms see big promise in using blockchain technology in crucial funding markets.
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