Overview

• The group includes Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank Group and UBS.
• The exploration centers on issuing 1:1 stablecoins pegged to G7 currencies on public blockchains.
• The banks said the work will evaluate feasibility, governance, regulatory compliance and best‑practice risk management.
• No tokens have been issued by the group, indicating the initiative is at a preliminary stage.
• The market is concentrated, with Tether at $179 billion of $310 billion outstanding, while Societe Generale’s dollar token has about $30.6 million in circulation and a separate nine‑bank group plans a euro stablecoin.