Global banking giants are exploring joint stablecoin issuance, signaling a deeper integration between traditional finance and cryptocurrencies, Reuters reports.
Accordingly, major global banks such as Santander, Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs and UBS are forming a consortium to issue a common stablecoin.
“The banks said in a press release that they would work together to create blockchain-based assets pegged to G7 currencies,” Reuters reported.
It was stated that this initiative aims to increase cross-border payment efficiency, reduce foreign exchange costs and prevent competition from cryptocurrency companies.
These banks were stated to be “Bank of America, Goldman Sachs, Deutsche Bank, BNP Paribas, Santander, Barclays, TD Bank, MUFG, UBS and Citi”.
*This is not investment advice.