According to CoinMeta, and as reported by The Wall Street Journal, major banks are gradually embracing the idea of issuing their own stablecoins due to concerns that the rapidly growing market may erode traditional banking services offered by crypto companies and other non-bank entities. JPMorgan Chase recently evaluated the possibility of launching its own stablecoin, although discussions are still in the preliminary stages and no active product development has yet begun. Meanwhile, more than a dozen financial institutions, including Bank of America, Wells Fargo, and Santander, are advancing global stablecoin projects, initially focusing on the US dollar, with the potential to expand to the euro and other G7 currencies in the future.