Global Banks Team Up to Explore Stablecoins
Major international banks are teaming up to delve into the world of stablecoins. This includes giants like Goldman Sachs, Deutsche Bank, and Bank of America. They aim to create a digital currency backed by reserves, ensuring stability. the initiative will focus on G7 countries.
These banks have formed a consortium to explore launching a stablecoin. It will be a digital asset with a 1:1 reserve backing, available on public blockchains. The group, which also includes Citigroup and Santander, is already in talks with regulators. They believe this move could boost competition and bring crypto benefits.
The consortium aims to launch a stablecoin that mirrors customary currencyS stability. It will operate on public blockchain networks, making transactions more accessible. The banks are in discussions with regulators to ensure compliance.
Stablecoins are gaining traction. in Q2 2025, Circle reported a 50% revenue increase to $634 million. This growth shows the potential of stablecoins in the financial sector.
Other european banks, like ING and UniCredit, are also exploring stablecoins. the GENIUS Act in the U.S. has clarified regulations, encouraging banks to enter this space. This legislation has prompted other countries to follow suit.
By entering the stablecoin market,banks aim to innovate and stay competitive. They hope to leverage the benefits of digital currencies while maintaining financial stability.
