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During the 'Crypto Week' proceedings in the U.S. Congress, JPMorgan Chase and Citigroup disclosed their intentions to explore the stablecoin market. Jamie Dimon, CEO of JPMorgan Chase, announced that the bank is poised to embark on the 'JPMorgan DepositCoin' and stablecoin ventures, aiming to harness their potential in the realm of payments. Similarly, the CEO of Citigroup revealed that they are developing the 'Citigroup Stablecoin,' emphasizing that their tokenized deposit operations have been thriving. Earlier, whispers circulated about several leading banks contemplating a joint stablecoin issuance. Currently, stablecoins boast a market value of $258 billion, marking a 58% year-over-year growth. The entry of these major banks could redefine the landscape of USD-pegged stablecoins and expedite the cryptographic transformation of global payment systems.
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