Several prominent US banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are actively exploring the possibility of launching a joint stablecoin to compete with emerging crypto platforms. As the landscape of cryptocurrency continues to grow, these banks are rapidly shifting their focus towards digital asset solutions. Fifth Third Bancorp is also broadening its involvement in the crypto space, looking to expand its services after five years of studying digital assets. The banks are motivated by the increasing competition from cryptocurrencies and are evaluating collaborative efforts to leverage their collective strength in the market.