Overview

• The group includes Goldman Sachs, Deutsche Bank, Bank of America, Banco Santander, BNP Paribas, Citigroup, MUFG, TD Bank Group, and UBS.
• The initiative will evaluate issuing 1:1 reserve‑backed digital money on public blockchains pegged to G7 currencies, with no launch timeline or technical design finalized.
• Participants say they are coordinating with regulators and supervisors in relevant jurisdictions to meet compliance and risk‑management standards.
• The announcement complements a separate nine‑bank European project to develop a MiCAR‑compliant euro stablecoin, with plans reported for a late‑2026 release.
• The stablecoin market stands at roughly $310 billion in circulation with Tether accounting for about $179 billion, while prior bank pilots such as Société Générale’s dollar token have seen limited uptake near $30.6 million.