Major banks around the world are considering jointly issuing stablecoins, suggesting deeper integration between traditional finance and cryptocurrencies, Reuters reported.
Therefore, major world banks such as Santander, Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, and UBS are forming a consortium to issue a common stablecoin.
“Both banks said in a press release that they will cooperate on the creation of blockchain-based assets pegged to G7 currencies,” Reuters reported.
The initiative is said to be aimed at increasing the efficiency of cross-border payments, reducing foreign exchange costs and preventing competition from crypto companies.
These banks are listed as “Bank of America, Goldman Sachs, Deutsche Bank, BNP Paribas, Santander, Barclays, TD Bank, MUFG, UBS, and Citi.”
*This is not investment advice.
