Major Banks Form Consortium for Reserve-Backed Digital Money
- Nine major banks, including Goldman Sachs and Deutsche Bank, are exploring reserve-backed digital money on public blockchains.
- The initiative aims to provide a stable payment asset and enhance financial innovation in cross-border payments.
- The consortium focuses on developing a 1:1 reserve-backed form of digital money centered on G7 currencies.
- Banks are coordinating with regulators to evaluate potential benefits in competition and digital asset integration.
- Recent regulatory clarity in the US and EU is accelerating institutional efforts towards blockchain adoption.
Nine leading banks have united to explore reserve-backed digital money on public blockchains, aiming to create stable payment assets. This initiative reflects the growing interest in integrating blockchain into mainstream finance.
Source (3.2)https://cryptobriefing.com/reserve-backed-digital-money-consortium/?rand=59535
