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Today, ten of the world’s biggest banks—Bank of America, Goldman Sachs, Citi, UBS, Deutsche Bank, and five others—fired back. They’re launching a G7-backed stablecoin network. The monopoly is under siege.

For five decades, banks owned the pipes. Every wire, every SWIFT message, every settlement ran through their infrastructure.

Then stablecoins showed up. Now you don’t need a bank to send $10M to Singapore. You need a wallet and USDC. Banks watched $300 billion flow into an industry they dismissed as “too risky.” They watched Tether print $14 billion in profit in 2024. They watched fintechs bypass their rails entirely. Stablecoins processed $27.6 trillion in transactions in 2024, officially exceeding Visa’s annual payment volume. That’s transaction flow banks used to own.

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What Happened

Ten major banks including Bank of America, Goldman Sachs, Citigroup, UBS, Deutsche Bank, Barclays, BNP Paribas, MUFG, TD Bank Group, and Santander announced they’re jointly exploring blockchain-based stablecoins pegged 1:1 to G7 currencies, USD, EUR, JPY, GBP, CAD, and CHF.

The announcement came Friday, October 10, 2025. The project is in early stages and will explore whether there’s value in issuing assets on public blockchains that are pegged to real-world currencies.