The group also eyes expanding into stablecoins pegged to other G7 currencies, with the euro emerging as the top priority
The group, which was first announced in October 2025 when just 10 banks were involved, also eyes expanding into stablecoins pegged to other G7 currencies, with the euro emerging as the top priority.
Stablecoins, which are used to move money around the world in the form of cryptocurrency, have seen a revival in interest, especially after the rebound in crypto prices in 2024.
United States President Donald Trump’s support for the sector has further sparked the idea of using blockchain in the mainstream financial system.
The financial group will compete with a separate consortium of 37 financial institutions, which formed a company called Qivalis, with the latter planning to launch a euro-pegged stablecoin later this year.
Both the new entities formed by the global financial giants will be taking on El Salvador-based Tether, the stablecoin market giant.
Talking about Tether, the venture has already issued more than USD 180 billion worth of its dollar-pegged token and made billions in profits by investing the reserves in assets including US Treasuries.
France’s Societe Generale, which is not in either consortium, in 2025, became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary.
The token, however, has not been widely adopted, with just USD 12.5 million currently in circulation.
Talking about the stablecoin industry gaining some momentum, global card spending on this front is expected to quadruple to USD 50 billion a year by 2028, said stablecoin payments company RedotPay.
The Hong Kong-based firm’s projection, made in August, came as stablecoin card spend, as per the data from crypto payment card analytics company Paymentscan, crossed USD 1 billion in July, marking a record month.
“Latin America has the highest adoption and greatest potential for growth at the moment, followed by Africa,” said Jonathan Chan, co-founder and head of partnerships at RedotPay.
“The fastest markets aren’t necessarily those with the highest crypto penetration. The growth is driven by the confluence of several factors: real payment pain, easy stablecoin access, strong fiat off-ramps, and regulatory clarity,” the senior official added further.
