Goldman, BNP Among Banks Exploring Stablecoin-Like Money

A group of international banks including Goldman Sachs Group Inc., Deutsche Bank AG, Bank of America Corp. and Banco Santander, have joined forces to explore stablecoin-like digital money, marking the latest push by financial institutions to examine possible uses for blockchain in payments.

The consortium — which also includes BNP Paribas, Citigroup Inc., MUFG Bank Ltd, TD Bank Group and UBS Group AG— will investigate the issuance of “a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains,” the banks said in a statement on Friday. The initiative will be focused on G7 currencies, the banks added.