Global Banks Reportedly Plan Joint Stablecoin Launch
A coalition of ten major banks, including Bank of America, Goldman Sachs, and Citi, are in talks to issue stablecoins backed by G7 currencies like the dollar and pound.
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Fact Check
Strong evidence confirms that groups of major banks are planning joint stablecoins. Specifically, a press release from ING and multiple Reuters reports confirm that a consortium of nine major European banks is launching a euro stablecoin. Other sources indicate that some US banks are exploring a similar concept. While these are separate regional initiatives rather than a single global one, they involve major international banks, making the statement's core claim accurate.
Summary
Ten major global banks, including Bank of America, Goldman Sachs, and Citi, are reportedly discussing the launch of stablecoins pegged to G7 currencies such as the dollar and pound. The stablecoins would be fully backed by reserves and operate on a public blockchain. This move is part of ongoing efforts by large financial institutions to explore blockchain-based solutions for digital transactions.
Terms & Concepts
- Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a fiat currency or other reserve asset.