Entry of Global Finance Giants into Stable Digital Currency

The global finance world has recently entered a significant transformation process. Goldman Sachs, Bank of America, and Deutsche Bank, among other financial giants, have united their forces to work on a joint "digital currency" project pegged to G7 currencies. This move can be seen as an effort to adopt the stablecoin concept, which has contributed to the growth of the crypto market, on a larger scale.

By joining forces, these giant banks plan to issue a digital currency that is backed by a 1:1 reserve and will operate on public blockchains. According to official statements, the purpose of this new asset is to create a payment infrastructure fully compliant with regulations and to enhance institutional competition in the digital asset market.

BNP Paribas, Barclays, Citigroup, MUFG, TD Bank, Santander, and UBS, among other key players, are analyzing existing practices as part of the project. Although these banks are using the term "digital currency," the project is technically based on a stablecoin model. Each digital token will be supported on a one-to-one basis with a fiat currency reserve.

In recent years, the total supply of stablecoins controlled by crypto-native firms like Circle (USDC) and Tether (USDT) has reached a level of $290 billion. This development could further blur the boundaries between traditional finance and the blockchain world.

Particularly in the United States, following the establishment of legal clarity around stablecoins, this new initiative is expected to gain momentum. Banks aim to increase efficiency by using these digital assets in international payments, securities settlements, and institutional transactions.

Moreover, the banks managing this project state that they are in continuous communication with regulators across all relevant markets. It is indicated that regular information will be provided to regulatory institutions as the project progresses. This initiative is seen as a strong signal that traditional finance giants have officially joined the race for blockchain-based digital currencies.