Wall Street Banks Unite to Launch Stablecoin Rivaling Tether and Circle

Nine global Wall Street banking giants have announced plans to develop a jointly backed stablecoin focused on G7 ￰0￱ consortium includes Goldman Sachs Deutsche Bank Bank of America Banco Santander

BNP Paribas Citigroup MUFG Bank TD Bank Group

and UBS according to a Bloomberg report published ￰1￱ said they will explore issuing a reserve-backed digital payment asset available on public blockchains with each unit pegged one-to-one against traditional fiat ￰2￱ coalition has confirmed it is already in contact with regulators and supervisors across relevant markets as it evaluates whether the initiative could enhance competition in the digital payments ￰3￱ of G7 countries during the first working session in Muenster Germany |) September 25

2025 In a recently released report Coinbase forecast that the stablecoin market could reach $1.2 trillion by 2028 and published research has challenged the banking industry’s claims that stablecoins threaten traditional financial ￰4￱ it stands now the global banking industry faces a strategic choice between partnering with established stablecoin issuers

like the recent backing from Citi to BVNK building proprietary tokens or watching payment revenues migrate entirely to crypto-native competitors and technology giants.