A consortium of ten major global banks is exploring the launch of a new class of 1:1 reserve‑backed digital money—effectively bank-issued stablecoins—pegged to G7 currencies such as the US dollar, euro, pound, yen, Canadian dollar and Swiss franc. The group includes Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank Group and UBS. According to the banks’ joint announcement, these tokens would be issued on public blockchains and fully backed by cash or cash-equivalent reserves, with the aim of providing a stable digital settlement asset that can be used across different platforms and financial market participants. The initiative is framed as an industry-wide effort to bring digital asset benefits—such as faster settlement, programmability and interoperability—into traditional finance while maintaining regulatory compliance and robust risk management standards. The banks are in active dialogue with regulators and supervisors in relevant jurisdictions and emphasize that any rollout will be designed to meet existing regulatory requirements, reflecting ongoing G7 and global policy focus on the risks and opportunities of stablecoins. If implemented, such bank-backed stablecoins could diversify a market currently dominated by non-bank issuers, potentially reshaping cross-border payments, on-chain capital markets and how institutional clients move and settle money.

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