Global Banks Consortium Tests G7-Backed Stablecoins on Blockchain
A coalition of major financial institutions including Bank of America, Citi, and Deutsche Bank is pioneering a blockchain-based stablecoin initiative pegged to G7 currencies. This institutional move into digital assets signals a strategic shift toward regulated, bank-controlled cryptocurrency solutions.
The project aims to evaluate how compliant stablecoins could improve cross-border transactions and liquidity management. It emerges as traditional finance shows renewed interest in blockchain technology, fueled by both crypto market recovery and political endorsements.
Currently dominated by Tether's $179 billion USDT, the stablecoin market may face disruption from this bank-led effort. Only Societe Generale has previously succeeded in launching a regulated bank-backed stablecoin.
