A consortium of global banks is testing blockchain-based stablecoins pegged to G7 currencies, signaling a coordinated move toward digital money under institutional control.
The group includes Bank of America, Citi, Deutsche Bank, Goldman Sachs, UBS, Santander, and BNP Paribas. Announced on Friday, the coalition plans to explore the issuance of digital assets pegged to G7 currencies.
The project aims to test how public blockchains can host fully compliant, institutionally backed stablecoins. The initiative, still in its early stages, will evaluate whether such “digital money” could enhance cross-border settlements, liquidity management, and competition in global markets.
It comes as rising crypto prices and renewed political support for blockchain, including from U.S. President Donald Trump, have reignited traditional finance’s interest in on-chain infrastructure.
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