Some banks are exploring the launch of stablecoins focused on some of the world's largest fiat currencies, including the US dollar, euro, and Japanese yen.
According to a statement released by BNP Paribas on Friday, banks including Bank of America, Goldman Sachs, Deutsche Bank, and Citi have initiated a project to explore "the issuance of a 1:1 reserve-backed digital currency that provides stable payment assets on a public blockchain," which will be pegged to the currencies of the G7 countries: the United States, Canada, the United Kingdom, France, Germany, Italy, and Japan.
"The goal of this initiative is to explore whether new industry-level products can bring the benefits of digital assets and enhance market competition while ensuring full compliance with regulatory requirements and best practice risk management," the banks stated.
The statement did not mention a timeline for the project, which may face competition from Tether's USDT, the largest stablecoin by market capitalization.
In the United States, their efforts may be bolstered by the recently passed GENIUS Act, which aims to regulate payment stablecoins and was signed into law by President Donald Trump in July. Although it has become law, the GENIUS Act is expected to take another 15 months to take effect, which is 120 days after the US Treasury and the Federal Reserve complete the regulatory provisions surrounding the act.
While cryptocurrency advocates largely praised the passage of the US stablecoin bill, many banks are calling on lawmakers and regulators to address loopholes in the law that would allow interest-bearing stablecoins, claiming they pose a threat to financial stability.
Tushar Jain, co-founder and managing partner of Multicoin Capital, stated on Saturday that he expects bank customers to shift their bank deposits to higher-yielding stablecoins due to the new law, making tech companies more competitive compared to financial institutions. However, Circle's Chief Strategy Officer Dante Disparte stated that the wording of the bill ensures that tech companies and banks will not dominate the stablecoin market.
In addition to Tether's USDT (which has a market capitalization of over $178 billion as of this writing), the largest stablecoins also include the US dollar-pegged USDC, Dai (DAI), Ethena USDe (USDE), PayPal USD (PYUSD), and USD1, a token launched by the cryptocurrency company World Liberty Financial, supported by the Trump family.
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Original article: “Several Major Banks Join Forces to Explore Issuing G7 Currency-Pegged Stablecoins”
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