The Depository Trust & Clearing Corporation (DTCC), which processes virtually all U.S. equity trades, is exploring the issuance of a U.S.-dollar-pegged stablecoin, The Information reported, citing people familiar with the matter. The project is understood to depend on the passage of federal legislation that would set rules for privately issued payment tokens. A token backed by DTCC could shorten settlement times and broaden the use of blockchain infrastructure across capital markets, according to the report. Interest in such instruments is growing among large financial institutions; the chief executive of Bank of America said the lender is working on its own stablecoin both independently and with industry partners. U.S. lawmakers have yet to agree on a comprehensive regulatory framework for stablecoins, leaving major firms waiting for legal clarity before moving ahead. DTCC is expected to make a final decision once the legislative outlook becomes clearer, the report said.