The participating banks include Bank of America, Banco Santander, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG and UBS.

A group of major international banks is exploring the issuance of a 1:1 reserve-backed digital currency that can provide a stable, public blockchain-based payment asset tied to currencies of G7 countries. For the unversed, G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the US.  The new regulatory clarity in the US and EU is accelerating institutional efforts to integrate blockchain into mainstream finance. The objective of this initiative is to explor