Global Banks Collaborate on Blockchain-Based Digital Money Initiative

Some of the world’s largest financial institutions, including Barclays and Goldman Sachs, are joining forces to explore the creation of a blockchain-based digital form of money, fully backed 1:1 by reserves. The initiative aims to provide a stable, regulated payment asset that can operate securely on public blockchains.

The consortium — comprising Banco Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank Ltd, TD Bank Group, and UBS — is focusing its efforts on G7 currencies, such as the U.S. dollar, euro, and British pound.

According to a joint statement, the collaboration seeks to assess whether a shared, industry-wide digital money solutioncould deliver the efficiency and innovation of digital assets while enhancing market competition and maintaining strict regulatory and risk management standards.

The participating banks emphasized that the project is being developed in close consultation with regulators and supervisors across relevant jurisdictions to ensure full compliance and alignment with existing financial frameworks.

If successful, the initiative could mark a major step toward integrating traditional banking stability with blockchain technology, potentially reshaping cross-border payments, settlements, and liquidity management across global markets.