Some of the world’s biggest and most powerful banks, including Bank of America, Goldman Sachs, and Citi, are considering joining forces to issue a stablecoin — even if they’re not calling it that.
In a statement from Friday, BNP Paribas and other banks are “jointly exploring the issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains, focused on G7 currencies.”
Other banks mentioned in the group include Banco Santander, Barclays, Deutsche Bank, MUFG Bank Ltd, TD Bank Group, and UBS. The goal of their “initiative” is to determine if an “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,” according to the statement.