NEW YORK– Some of the biggest banks in the U.S. are exploring whether to come together to issue a joint stablecoin.

The conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo  and other large commercial banks, according to the Wall Street Journal, which reported the news first. The Journal report noted the bank consortium discussions are in early, conceptual stages and could change.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens.

The Trump administration is a strong supporter of cryptocurrency.

One Model Discussed

One bank consortium possibility that has been discussed would be a model that lets other banks use the stablecoin, in addition to the co-owners of the Clearing House and Early Warning Services, according to the Journal. Early Warning Services is another jointly owned company that is the parent to Zelle.

The report added that some regional and community banks have also considered whether to pursue a separate stablecoin consortium, it added.