Wall Street Breakfast Podcast: Shared Stablecoin

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Big banks explore possibility of issuing joint stablecoin – report. (00:25) FTC withdraws lawsuit against Microsoft’s $69 billion Activision deal. (01:38) Disney (DIS) moves to block YouTube (GOOG) (GOOGL) from hiring former executive for sports role. (02:19)

This is an abridged transcript.

Top U.S. banks are looking into potentially teaming up to issue a joint crypto stablecoin.

The Wall Street Journal reported, citing people familiar with the matter, the early conceptual discussions have involved companies co-owned by JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and other large lenders. Those include Early Warning Services, which runs the digital payment network Zelle, and the payments system called Clearing House.

A final decision on the matter would depend on legislative actions for stablecoins and if there’s enough demand for such assets.

Stablecoins are pegged to a reference asset like fiat currency, commodities or other financial instruments..

The Trump administration has been working to establish a clear crypto regulatory framework. This week, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 – or GENIUS Act – was advanced by the Senate.

The bill aims to regulate stablecoin issuance with strict requirements on maintaining reserves, financial risk and consumer data privacy, among other criteria.

The Federal Trade Commission (FTC) has ended its attempt to block Microsoft’s (NASDAQ:MSFT) $68.7 billion acquisition of Activision Blizzard, withdrawing its complaint after losing an appeal to stop the deal.

This marks the conclusion of nearly two years of regulatory resistance, which began with the FTC’s opposition in 2023.

Microsoft’s president, Brad Smith, said on Thursday that the FTC’s decision to drop the case was “a victory for players across the country and for common sense in Washington DC”.

Microsoft (NASDAQ:MSFT) cleared legal hurdles in July 2023 after a federal court denied the FTC’s injunction request.

Walt Disney (NYSE:DIS) is considering stopping Alphabet’s (NASDAQ:GOOGL) YouTube from appointing long-time executive Justin Connolly to serve as its global head of media and sports.

Disney filed a lawsuit against YouTube in a state court in Los Angeles late Wednesday to stop the appointment, claiming breach of contract, unfair competition, and interference with a contractual relationship.

“In April 2025, Disney became aware of YouTube’s offer of employment to Connolly,” said the suit against the executive and the video platform filed by law firm Mitchell Silberberg & Knupp on May 21.

In the complaint, Disney said Connolly signed a new three-year contract in November 2024 that included a one-time right to terminate in March 2027.

Disney now seeks a preliminary and permanent injunction to prevent Connolly from further breaching the contract.

Connolly, who spent more than 20 years at ESPN and Disney, stepped down earlier this week from his role as head of platform distribution as Disney (NYSE:DIS) prepares to launch its standalone ESPN sports streaming service.

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Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red . Crude oil is down 0.2% at $61/barrel. Bitcoin is down 0.5% at $111,000. Gold is up 0.8% at $3,328.

The FTSE 100 is up 0.1% and the DAX is up 0.2%.

The biggest movers for the day premarket: Ross Stores (NASDAQ:ROST) -11% – Shares slumped after the company reported a Q1 top-line beat but warned that new tariffs could cut Q2 EPS by $0.11 to $0.16, prompting investor concern.

On today’s economic calendar:

• 9:35 am Federal Reserve Bank of St. Louis President Alberto Musalem and Federal Reserve Bank of Kansas City President Jeffrey Schmid will participate in a discussion on the economy and monetary policy before the Northwest Arkansas Fireside Chat hosted by the Federal Reserve Bank of St. Louis.

• 10:00 am New Home Sales

• 12:00 pm Federal Reserve Board Governor Lisa Cook will speak on”Financial Stability” before virtual Seventh Annual Women in Macro Conference.