Banks Unite to Launch Joint Stablecoin Amid Growing Market Demand
More than a dozen of the world's largest banks are working together to create a joint stablecoin, according to a recent report by the Wall Street Journal. The consortium includes Bank of America, Wells Fargo, and Santander, among others.
The proposed stablecoin would be pegged to the US dollar initially, with potential expansion to other G7 currencies in the future. This move is seen as a reversal from last year's efforts by these banks to limit the use of stablecoins by non-bank rivals.
The group has not yet disclosed details on governance or backing for the coin, nor has it set a launch date. However, experts believe that this joint effort aims to provide a more efficient and secure way for corporate treasuries and cross-border settlements.