- Ten major global banks are working together to explore launching joint stablecoins.
- The proposed stablecoins would be pegged 1:1 to top global currencies from G7 countries.
- Banks involved include Bank of America, Goldman Sachs, Deutsche Bank, BNP Paribas, Santander, Barclays, TD Bank, MUFG, UBS, and Citi.
- The initiative aims to use digital assets to boost competition while meeting regulatory standards and risk controls.
- Growth in the global stablecoin market and new regulations have driven increased interest from banks and customers.
A group of ten leading banks announced plans to develop a joint stablecoin initiative, according to several official press releases published Friday. The list of participating banks includes Bank of America, Citi, Deutsche Bank, Goldman Sachs, and UBS, with other members such as BNP Paribas, Santander, Barclays, TD Bank, and MUFG also joining the project. The banks plan to create stablecoins—digital assets tied directly to real-world currencies—to improve payment systems and address rising demand for alternatives to traditional fiat money.
The initiative is in its early development, with plans to issue stablecoins pegged 1:1 to major global currencies from G7 nations. A public statement from crypto platform CoinGecko explained, “The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management.”
Press releases say the stablecoin project responds to the surge in market value for these digital assets in 2025, as more countries weigh regulatory approval. Bank of America predicted that the supply of stablecoins could rise by up to $75 billion in the near term. This reflects growing institutional interest in crypto assets following regulatory changes this year.
Earlier this week, Citigroup confirmed a strategic investment in BVNK, a London-based stablecoin infrastructure firm supported by Coinbase and Tiger Global. Regulatory approval through the GENIUS stablecoin act this summer is credited with accelerating bank involvement in the sector. Stablecoins are designed to maintain a fixed value, offering a digital alternative that tracks established currencies. This has attracted global attention as more customers seek alternatives to traditional banking.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- EU Prepares New Trade Deal Plan, Rejects Trump Regulatory Demands
- Polymarket Traders Suspected of Insider Bets on Peace Prize Winner
- Singapore Delays New Crypto Bank Rules to 2027 Amid Industry Pushback
- Stealit Malware Abuses Node.js SEA to Spread Ransomware
- Ripple Eyes Safe-Haven Status as XRP ETFs Await SEC Approval
