Big banks are beginning to collaborate on entering the cryptocurrency sector with a focus on developing a joint stablecoin. This move comes as the stablecoin market is currently dominated by players such as Circle and Tether, which have established themselves in the space. With banks like US institutions wanting to create their own stablecoin, this could lead to a significant shift in how cryptocurrencies are managed and adopted by traditional finance. The sentiment among users highlights both optimism about the inevitability of this move and concerns regarding potential misuse of a bank-backed stablecoin for illicit activities.