Some of the world’s largest banks, including Barclays and Goldman Sachs, are exploring the possibility of issuing a form of digital currency backed by 1:1 reserves that would provide a stable payments asset available on public blockchains.
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Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group and UBS are working on the project, focused on G7 currencies.
The initiative will “explore whether a new industry-wide offering could deliver the benefits of digital assets and increase competition across the market, while ensuring full compliance with regulatory requirements and risk management best practices,” a brief statement said.
The group is in contact with regulators and supervisors in each relevant market, they add.
