NEW YORK: A group of banks including Bank of America , Citi, Deutsche Bank, Goldman Sachs and UBS will work together to explore creating blockchain-based assets pegged to G7 currencies, the banks said on Friday.
The project, which is in its early stages, will explore creating assets on public blockchains which are pegged 1:1 to real-world currencies - known as stablecoins.
Various banks and other financial institutions have announced plans to look at launching stablecoins, as soaring crypto prices and US President Donald Trump’s support for the sector has sparked a revival of interest in the idea of using blockchain in the mainstream financial system.
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