21 Global Banks Launch US Dollar Stablecoin Project Amid Market Segmentation Concerns

A consortium of 21 global banks, led by Goldman Sachs and Japan's MUFG Bank, is developing its own U.S. dollar stablecoin.

The project aims to serve internal settlements among member banks and large corporate clients, offering direct interbank payments and coordinated audits.

Emi Yoshikawa, a former vice president of strategic initiatives at Ripple, reacted to the announcement with 'déjà vu', noting that major banks prefer to create their own closed frameworks rather than integrating with established platforms like the XRP Ledger from Ripple.

The largest banks repeatedly move toward systems they can fully oversee, rather than adopting open networks, reflecting consistent strategic priorities across the industry.

This approach is characteristic of a shift where top banks avoid third-party blockchain integration and build bespoke solutions for institutional needs.