A group of leading international banks is jointly exploring the issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains, focused on G7 currencies.
The group of banks includes Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group and UBS.
„The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management.” – according to the press release.
The group is in contact with regulators and supervisors in each relevant market and will continue to keep appropriate parties updated as the project progresses.
RIVAL CONSORTIUM OF BANKS LAUNCHING A EURO STABLECOIN
A separate consortium of nine European banks including heavyweights ING and UniCredit, said last month they were forming a new company to launch a euro-denominated stablecoin.
Some bank bosses say they see greater promise in the tokenisation of financial assets, in which digital representations of assets such as deposits, stocks and bonds are created and stored on a blockchain. Citi’s CEO said in July that tokenised deposits were probably more important than a stablecoin.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
