The project seeks to create a regulated digital currency that competes with USDT and USDC. Banks prioritize compliance and transparency, aligned with the Genius Act and MiCA Ten of the world’s leading financial institutions, including Goldman Sachs, Citigroup, Bank of America, Deutsche Bank, UBS, BNP Paribas, MUFG, TD Bank, Barclays and Santander, have formed a consortium to evaluate the launch of a stablecoin backed by G7 coins, with the aim of integrating the benefits of digital money into the regulatory standards of the traditional banking system. As reported by Reuters, the group is seeking to determine “whether a new joint industry offering could deliver the benefits of digital assets, while ensuring full regulatory compliance and best risk management practices.” The project is in a preliminary phase and There is still no decision on its final implementation.
What is known about the project
The stablecoin would be backed 1:1 with currencies such as the US dollar, euro or pound sterling, and would be issued over public networks. The goal, the banks explain, is to create a form of digital money that maintains the trust and stability of traditional currencies, but at the same time allows for faster and more efficient payments globally. The move reflects the growing attention of financial institutions to a market dominated until now by cryptocurrency companies as Tether (USDT) and Circle (USDC), which control more than 70% of the volume of stablecoins in circulation.
The consortium emphasized that its priority will be to operate under a solid regulatory frameworkin line with regulations such as the Genius law in the United States and MiCA in the European Union, which establish strict rules for stablecoin issuers. “We want innovation to advance within the limits of security and financial oversight,” the statement cited by Reuters said. If implemented, this initiative could mark a turning point in the relationship between the banking system and digital finance.