Goldman Sachs, BoA, Citigroup Lead Consortium Exploring Stablecoin Launch on Public Blockchains

A consortium of global banking giants including Goldman Sachs, Bank of America, Citigroup, and Deutsche Bank is preparing to enter the stablecoin arena. The group—which also counts Santander, BNP Paribas, and UBS among its members—plans to develop a 1:1 reserve-backed digital payment asset for deployment on public blockchain networks.

The initiative focuses initially on G7 jurisdictions, with participating banks already engaging regulators. This MOVE mirrors September's European banking alliance involving ING and UniCredit, signaling accelerating institutional adoption of blockchain-based settlement solutions.

Unlike speculative cryptocurrencies, the proposed asset WOULD function as a regulated digital cash equivalent—combining the stability of traditional finance with blockchain's efficiency. The consortium explicitly aims to harness crypto's benefits while maintaining regulatory compliance and monetary stability.