Digital Money Initiatives: Goldman Sachs and Santander Dive into Blockchain Technology
Digital Money Initiatives by Major Banks
A group of international banks, including Goldman Sachs, Deutsche Bank, and Banco Santander, are collaborating to explore the issuance of digital money on public blockchains. This initiative represents a significant push by major financial institutions to investigate potential uses for blockchain technology in payment systems.
Goals of the Consortium
- The consortium aims to evaluate the creation of a 1:1 reserve-backed form of digital money.
- Focus will be on delivering a stable payment asset on public blockchains, concentrating on G7 currencies.
- They are currently in discussions with regulators in relevant markets.
Impact of Stablecoins
The rise of stablecoins, types of cryptocurrencies normally pegged to traditional assets like the US dollar, has sparked heightened interest. Some banks view them as a faster and cheaper alternative to existing payment systems. Recent regulatory updates in the US and EU have further fueled this momentum.
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