A consortium of major banks, including Bank of America, Citi, Deutsche Bank, Goldman Sachs, and UBS, announced on Friday that they will collaborate to explore the development of stablecoins pegged to G7 currencies.
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The renewed interest in stablecoins comes in the wake of US President Donald Trump’s endorsement of the sector, which has reignited discussions about integrating blockchain technology into mainstream finance.
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Currently, the stablecoin market is heavily dominated by Tether (USDT), based in El Salvador, which accounts for approximately $179 billion of the total $310 billion in stablecoins circulating, according to data from CoinGecko.
The banks involved in this new initiative, which also includes Santander, Barclays, BNP Paribas, MUFG, TD Bank Group, and others, have
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