Some of the world's biggest banks, including Barclays and Goldman Sachs, are exploring the issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains.
Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group and UBS are working on the project, focused on G7 currencies.
The initiative will "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," says a brief statement.
The group is in contact with regulators and supervisors in each relevant market, they add.