It is coming.
As the GENIUS Act proceeds through the United States Senate, Wall Street is gearing up for its own coup. If anyone thought the banks were going to sit out, they were sadly mistaken.
The stablecoin world is about to be completely disrupted. We could see a tsunami enter crypto like we never thought possible.
When it comes to the money supply, we have Wells Fargo, Bank of America, Citigroup, and JPMorgan (Chase). These are the largest commercial banks in the United States by deposits.
According to Grok, here are the top 5 banks with deposit totals.
| Bank | Total Deposits (USD) |
|---|---|
| JPMorgan Chase | $2.406 trillion |
| Bank of America | $1.929 trillion |
| Wells Fargo | $1.414 trillion |
| Citibank | $1.285 trillion |
| U.S. Bank | $523.785 billion |
As we can see, we are dealing with trillions of dollars here.
Individually this would upend the stablecoin market as we know it. What if, however, we took this on a collective scale?
Mega Banks Gearing Up For Massive Stablecoin Entry
I have long stated that passage of the GENIUS Act will turn the stablecoin market from a couple hundred billion into trillions. My expectation is that we eventually tens of trillions of stablecoins in circulation. This is simply the amount that is going to be required to fund the activity during an economic singularity.
The top 4 banks on this list have roughly $7 trillion in deposits. These are the "digital dollars" that people use for everything from paying their electric to settling the Visa bill at the end of the month.
Eventually, most of this will be represented by stablecoins.
Today, the market is dominated by Tether (USDT) and Circle (USDC). That will not be the case in the future.
These banks are positioning themselves, perhaps in a bigger way than many thought possible.
The Wall Street Journal (WSJ), citing unnamed individuals familiar with the matter, reports that entities linked to Bank of America, Wells Fargo, JPMorgan, and Citigroup are exploring the possibility of collaborating on a unified stablecoin initiative.
Some speculate that the involvement of TradFi heavyweights could send liquidity soaring and fuel an extended crypto rally. If the GENIUS Act clears the final hurdles and earns Trump’s signature, the arrival of these financial titans is not a question of if—but when.
Taking the last part first, we can see how liquidity will explode. We are dealing with $7 trillion in deposits that could be tokenized. Even 5% of that would top what the present market cap of stablecoins are.
A Unified Bank Coin
The banks are smart to consider this.
When dealing in the digital world, network effects are most crucial. This is why the US dollar will retain its dominance.
If these Mega banks issue a single coin, then all participate with access, it will dwarf anything else on the market. The fragmentation necessary for decentralization will be enormous. Over time I believe it will happen as many other entities jump into the market. However, this will be the early behemoth.
The premise here is this becomes the de facto stablecoin for TradFi. Most of the established entities will jump on board. Since they are reportedly excluded, Big Tech firms such as Google and Meta might default to this coin.
Viewing this through the lens of transactions, we can see how the numbers will overwhelm.
According to the latest data, in May of 2025, there were 788 million stablecoin transactions totaling $3.6 trillion. This is an impressive number yet pales in comparison to what the major banks do.
It is here where we can see the explosion happening. How many companies will be tied to these banks, accepting this stablecoin for payment activities?
Logic says that many will jump on board. My guess is the numbers will get crazy not long after this coin goes live (if it ever comes into being).