Main banks around the globe are contemplating collectively issuing stablecoins, suggesting deeper integration between conventional finance and cryptocurrencies, Reuters reported.
Due to this fact, main world banks corresponding to Santander, Financial institution of America, Barclays, BNP Paribas, Citi, Goldman Sachs, and UBS are forming a consortium to subject a typical stablecoin.
“Each banks stated in a press launch that they’ll cooperate on the creation of blockchain-based property pegged to G7 currencies,” Reuters reported.
The initiative is claimed to be aimed toward growing the effectivity of cross-border funds, decreasing overseas alternate prices and stopping competitors from crypto firms.
These banks are listed as “Financial institution of America, Goldman Sachs, Deutsche Financial institution, BNP Paribas, Santander, Barclays, TD Financial institution, MUFG, UBS, and Citi.”
*This isn’t funding recommendation.
