A consortium of major international banks is examining the possibility of issuing a digital form of money that would be fully backed by reserves and pegged one-to-one with G7 currencies. The initiative, announced on October 10, 2025, aims to provide a stable payment asset on public blockchains.
The banks involved in the project are Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group, and UBS.
According to a statement from the group, "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."
The consortium has indicated that it is in ongoing discussions with regulators and supervisors in each relevant market. The group also stated it will continue to update appropriate parties as the project moves forward.