Ten Banks Explore G7 Stablecoins, But Will It Work? The Good, Bad, and Ugly

Ten of the world’s largest banks, including Citi, Deutsche Bank, UBS, Barclays, MUFG, Santander, and Bank of America, are exploring the launch of stablecoins pegged to major G7 currencies.   The initiative aims to create a network of interoperable digital tokens backed 1:1 by fiat reserves such as the US dollar, euro, pound, and yen. The project is still in its exploratory phase. But it marks the first serious attempt by the global banking sector to enter the stablecoin market dominated by Tether and Circle source: https://beincrypto.com/g7-banks-stablecoin-plan-analysis/