Group of 10 Major Banks Explore Stablecoin Issuance for G7 Currencies
A consortium of leading global banks, including Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group, and UBS, is jointly exploring the issuance of a 1:1 reserve-backed stablecoin. The initiative aims to leverage public blockchains to provide a stable payment asset denominated in G7 currencies.
The project seeks to enhance market competition while ensuring full regulatory compliance and robust risk management practices. By bridging traditional finance with digital assets, the group intends to unlock efficiencies and innovation in cross-border payments and settlements.
Regulators across key jurisdictions have been engaged, with ongoing dialogue expected as the initiative progresses. This MOVE signals growing institutional recognition of blockchain's potential to transform financial infrastructure.
