(13 October 2025 – Global) Ten major global banks including UBS, Citi, BofA, Deutsche Bank, Santander and Goldman Sachs are exploring collaborative stablecoin issuance pegged against G7 currencies.

The move marks the latest indication of traditional lenders scrambling to keep pace with the explosive growth of digital assets.

The banking group are joining forces on distributed ledger technology (DLT) based assets pegged 1:1 to major G7 currencies such as the USD, EUR and GBP.

Currently in an early conceptual phase, the initiative seeks to leverage public blockchains for the creation of interoperable, institutional-grade stablecoins. Other banks in the group include BNP Paribas, MUFG and TD Bank.

“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 banks said in a statement.

“Stablecoins take money out of the banking system and could threaten financial stability. UK banks can experiment with tokenised deposits within existing regulation however we warn against issuing their own stablecoins” Bank of England Governor Andrew Bailey commented last month.

“Privately issued stablecoins pose risks for monetary policy and financial stability” stated European Central Bank President Christine Lagarde.