Nine of the world’s largest banks — including Goldman Sachs, Deutsche Bank, and Citigroup — have announced plans to launch a jointly backed G7 stablecoin, in what could become the most ambitious attempt yet by traditional finance to reclaim dominance over the booming $150 billion digital payments market.
According to a Bloomberg report, the consortium also includes Bank of America, Banco Santander, BNP Paribas, MUFG Bank, TD Bank Group, and UBS. Together, they plan to issue a reserve-backed digital asset pegged 1:1 to G7 fiat currencies, available on public blockchains.
Officials said the group is already coordinating with global regulators to ensure the project meets international standards — potentially setting the stage for the first G7-endorsed, bank-issued stablecoin.
Targeting a $50 Trillion Market
The move comes amid explosive growth in blockchain-based payments.
Bloomberg Intelligence projects that stablecoins could process over $50 trillion in annual payments by 2030, while Coinbase forecasts a $1.2 trillion market by 2028.
Tether (USDT) and Circle’s USD Coin (USDC) currently dominate the space, generating billions in yield from U.S. Treasury holdings. Tether alone is reportedly raising up to $20 billion in new funding, cementing its status as one of the most profitable private companies globally.
For banks, that revenue stream — plus the strategic importance of digital payments
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