Twelve Major Banks Are Building a Stablecoin on Public Chains. That Changes the Competitive Calculus.
A consortium of more than 12 major global banks — including Bank of America, Wells Fargo, Santander, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS — is now moving to compete directly with the $308 billion stablecoin market by issuing their own assets on public blockchains. This pivot marks a…