The largest global banks — Bank of America, Goldman Sachs, Citi, Deutsche Bank, Barclays, Santander, BNP Paribas and others — announced the joint development of a new stablecoin, fully backed by fiat reserves.
The project aims to issue digital money available on public blockchains and pegged to the currencies of G7 countries — the dollar, euro, yen, and pound.
⚙️ Banks want to create a unified industry standard that will meet regulatory requirements while ensuring the competitiveness of the traditional sector against crypto projects.
📊 Against the backdrop of legislative clarity in the USA and market growth (dollar stablecoins have already exceeded $290 billion), financial giants intend to reclaim market share from Circle and Tether, which control about 90% of the segment.
This is the first serious challenge to the crypto industry from the old financial system.
If earlier banks fought against blockchain, now they have decided to become a part of it — and establish their own rules of the game.
The new banking stablecoin could become an institutional alternative to USDT, increase transparency in settlements, and launch large-scale use of digital currencies in international trade and banking operations.
The market is entering a new phase — the era of corporate stablecoins is just beginning.
