Major Banks Explore G7-Backed Stablecoins in Blockchain Push

Bank of America, Citigroup, and Goldman Sachs are spearheading a consortium to develop stablecoins pegged 1:1 to G7 currencies. The initiative aims to bridge traditional finance with blockchain technology, offering regulatory-compliant alternatives to dominant players like Tether.

The project signals growing institutional acceptance of digital assets. By leveraging their existing infrastructure, these banks could reshape the stablecoin market—currently valued at over $150 billion—while addressing concerns about transparency and counterparty risk.

No specific blockchain or launch timeline was disclosed, but the involvement of bulge-bracket banks suggests serious momentum behind regulated stablecoins. This comes as jurisdictions worldwide finalize frameworks for bank-issued digital currencies.