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JPMorgan weighs stablecoin launch as Wells Fargo and banks advance joint venture

JPMorgan weighs stablecoin launch as Wells Fargo and banks advance joint venture

The biggest US banks are advancing a joint stablecoin as they look to counter the growing influence of crypto companies in payments.

JPMorgan Chase & Co. (JPM) price

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Market cap
$892.6B (shares as of 2026-06-30)
P/E (trailing)
14.4 (EPS to 2026-06-30)
Annual revenue
$182.4B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+2.8% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
57,048,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
Unavailable
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

JPMorgan Chase & Co. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
JPMorgan Chase & Co. JPM · Price dated Oct 27, 2026 · tokenized JPMx $336$892.6B14.4Unavailable$182.4BFY ended 2025-12-31 · 10-K+2.8%FY ended 2025-12-31 vs 2024-12-31 · 10-K57,048,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Bank of America Corporation BAC · Price dated Oct 27, 2026 · tokenized BACx $51$354.4B11.7Unavailable$113.1BFY ended 2025-12-31 · 10-K+6.8%FY ended 2025-12-31 vs 2024-12-31 · 10-K30,509,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Wells Fargo & Company WFC · Price dated Oct 27, 2026 $83$248.1B11.7Unavailable$83.7BFY ended 2025-12-31 · 10-K+1.7%FY ended 2025-12-31 vs 2024-12-31 · 10-K21,338,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Citigroup Inc. C · Price dated Oct 27, 2026 $123$205.8B13.2Unavailable$85.2BFY ended 2025-12-31 · 10-K+5.6%FY ended 2025-12-31 vs 2024-12-31 · 10-K14,306,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 10:31 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

JPMorgan recently held preliminary discussions about launching its own stablecoin, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

JPMorgan has no active stablecoin product in development, and a spokeswoman told the Journal that the bank has no current plans to issue one but would evaluate its options based on customer demand and regulatory developments.

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The largest US bank already has JPM Coin, a blockchain-based tokenized bank deposit designed for institutional clients, and operates its own blockchain. The stablecoin-like token represents US dollars held within the bank and allows approved counterparties to transfer, settle and reconcile funds on-chain.

Meanwhile, a group of more than a dozen financial institutions including Wells Fargo, Bank of America and Santander has been developing a stablecoin venture that could operate globally.

The banks are considering a token initially backed by dollars, with plans to expand to euros and potentially other G7 currencies. The stablecoin would focus on commercial applications, with use cases varying by market.

The development follows a WSJ report last May that major US banks explored a collaborative stablecoin project to compete with crypto platforms that are increasingly gaining ground in payments. The discussions involved entities jointly owned by JPMorgan, Bank of America, Citigroup, Wells Fargo and other leading lenders.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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