With the advancement of cryptocurrency legislation, Wall Street sends out a signal of stablecoin backlash.

Including Jamie Dimon, CEO of JPMorgan Chase, Brian Moynihan, CEO of Bank of America, and Jane Fraser, CEO of Citigroup, the leaders of several major banks in the United States view stablecoins as a potential threat to the banking industry's control over payments. Senior bankers are exploring tools such as deposit tokens and stablecoins issued by banks to defend their control over payments. Fraser stated that the bank is actively exploring reserve management for stablecoins and providing custody services for cryptocurrencies. Moynihan warned that the banking industry must address the rise of stablecoins, whether through developing their own products or partnering with emerging payment firms to prevent customers from turning to new partners.