A consortium of prominent banks, including Bank of America and Citi, is collaborating to explore stablecoins pegged to G7 currencies, following renewed interest sparked by President Trump’s endorsement of blockchain technology in finance.
A consortium of major banks, including Bank of America, Citi, Deutsche Bank, and Goldman Sachs, has announced plans to explore the development of stablecoins pegged to G7 currencies. This initiative, driven by the rising interest in blockchain technology, aims to enhance competition in the stablecoin market while ensuring compliance. The group also includes other major banks such as Barclays, BNP Paribas, and UBS. Concurrently, Citi has made investments in BVNK, a company focused on stablecoin infrastructure, and is considering issuing its own stablecoin.