Global Banks Team up to Explore Stablecoins
Major international banks are teaming up to delve into the world of stablecoins. This includes giants like Goldman sachs, Deutsche Bank, and Bank of America. They aim to create a digital currency backed by real-world assets.
These banks have formed a consortium to investigate the launch of a stablecoin.
The new asset will be a digital money form, backed by reserves at a 1:1 ratio. It will be available on public blockchain networks. The banks stated that this initiative will focus on G7 countries. They are also in talks with regulators about the launch.
Stablecoins are gaining traction in the financial world. On September 25, nine major European banks announced plans to launch a joint stablecoin. This move comes amid a positive regulatory shift. The GENIUS Act in the U.S. has clarified regulations, prompting other jurisdictions to follow suit.
Stablecoins have major potential. In the second quarter of 2025, Circle reported a revenue of $634 million, a 50% year-over-year increase. this shows the growing business potential of stablecoins.
These banks are exploring whether stablecoins can increase competition and bring crypto asset benefits. They believe this could revolutionize the financial industry.
