Major Banks Pursue Stablecoins Amid Regulatory Shifts and Global Adoption

A consortium of major banks, including Bank of America and Goldman Sachs, is exploring the issuance of stablecoins linked to G7 currencies. This initiative seeks to harness the advantages of digital assets while adhering to regulatory standards, particularly in light of the GENIUS Act in the US.

As traditional banking institutions pivot toward stablecoin adoption, global regulators are also taking steps to create a conducive environment for this innovation. Meanwhile, Russia's Bank of Russia has allowed select banks to engage in cryptocurrency activities under strict regulations, marking a shift in its financial strategy.

Additionally, Tether has launched a new US-based stablecoin aimed at aligning with regulatory frameworks like the GENIUS Act. This evolution in the financial landscape highlights the potential of stablecoins to reshape payment systems and challenge conventional banking models, as they offer instant transactions and reduced fees, thereby enhancing competition in the market.