Some of the biggest U.S. banks are exploring whether to team up to issue a joint stablecoin, The Wall Street Journal reported on Thursday.

The nation’s biggest banks are exploring whether to team up to issue a joint stablecoin, a step intended to fend off escalating competition from the cryptocurrency industry. The conversations have so far involved companies co-owned by JPMorgan Chase,

Such a stablecoin, potentially open to other banks, aims to improve transaction speeds and efficiency while fending off competition from crypto firms.