Overview

• Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank Group and UBS confirmed a joint study of blockchain-based payment instruments.
• The group is evaluating a 1:1 reserve‑backed form of digital money pegged to G7 currencies and issued on public blockchains.
• Participants say they are engaging regulators and prioritizing full compliance and risk management, with product design and timing yet to be determined.
• The initiative follows the U.S. GENIUS Act’s policy shift as stablecoin capitalization sits around $300 billion, with Tether holding the largest share.
• A separate nine‑bank coalition in Europe is developing a MiCA‑compliant euro stablecoin targeting the second half of 2026, signaling parallel routes to on‑chain settlement.