21 Banks’ Stablecoin Push Signals TradFi Shift Toward Blockchain Settlement, Experts Say

What's happening

Twenty-one global banks, including Citi, Goldman, Lloyds and MUFG, are preparing to form a new company to issue stablecoins in every G7 currency, positioning a major banking consortium to compete in blockchain-based settlement. At the same time, the Bank for International Settlements, via General Manager Pablo Hernández de Cos at the Jackson Hole Economic Symposium on August 28, has pushed tokenised deposits as a stronger foundation for future payments than stablecoins, citing programmability while remaining linked to central bank money and raising questions about stablecoins' redeemability and interoperability. Coverage notes a wider industry shift as tokenised deposits gain traction with financial institutions even as banks move forward with a collaborative stablecoin venture.

Why it's trending

Because banks are simultaneously launching a large stablecoin JV while BIS officials and industry reporting highlight tokenised deposits as a preferred path, creating a fresh crossroads for TradFi on blockchain settlement.

SignalHolding at its usual pace, confirmed across 1 independent source type.