Other major financial institutions have already introduced their own stablecoins. JP Morgan introduced JPM Coin in June 2019, while Signature Bank introduced Signet in 2018. Wells Fargo also began to test its own stablecoin in September 2019.
Because bank stablecoins are aimed at institutional users, it’s not clear if the general public will ever use the coins. Goldman Sachs has distanced itself from public cryptocurrency trading, calling the market a bubble comparable to tulip mania and the dot-com era.
Meanwhile, general crypto investors are often skeptical of bank-operated stablecoins because they give banks the power to control transactions—a problem that Bitcoin was designed to prevent.