Some of the world’s largest banks, including Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group, and UBS, are exploring the issuance of a 1:1 reserve-backed form of digital money. This initiative aims to provide a stable payment asset available on public blockchains and is focused on G7 currencies.
The project seeks to determine whether a new industry-wide offering could leverage the advantages of digital assets and enhance market competition while ensuring full compliance with regulatory requirements and best practices in risk management. The group is actively engaging with regulators and supervisors in each relevant market.