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U.S. community banks collectively call for amendments to the GENIUS Act: Stablecoins "earning interest" threaten the TradFi system
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Global Banking Giants Unite to Develop Joint Stablecoin Project
Gate News bot message, A significant development in the banking sector has emerged as ten major international banks are joining forces to create a new stablecoin initiative, according to Reuters.
The consortium comprises leading financial institutions: Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS. These banking powerhouses have collectively agreed to collaborate on the development of a stablecoin system.
This unprecedented collaboration among traditional banking institutions represents a direct engagement with digital currency technology.