Goldman Sachs, Citi, Bank Of America To Walk Through The Door Opened By Trump-Backed GENIUS Act
A consortium of major banks including Goldman Sachs Group Inc. (NYSE:GS), Citigroup Inc. (NYSE:C), UBS Group AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), and Bank of America Corp. (NYSE:BAC) announced plans to explore blockchain-based assets pegged to G7 currencies, according to Reuters.
Wall Street Backs Blockchain Assets
The joint initiative aims to develop tokenized settlement systems backed by the U.S. dollar, euro, and other G7 currencies.
The group reported in Friday press release that it intends to design interoperable digital assets for regulated financial institutions, marking one of the largest collaborative efforts by banks to date.
This announcement follows months of speculation after President Donald Trump‘s administration passed the GENIUS Act.
The act has opened the door for U.S. banks to issue and hold blockchain-backed currencies under clear regulatory oversight.
Citi Deepens Stablecoin Bet With BVNK Investment
Earlier this week, Citigroup confirmed a strategic investment in BVNK, a London-based stablecoin infrastructure company backed by Coinbase and Tiger Global.
BVNK operates a cross-border payments platform that facilitates conversions between fiat and digital assets for banks and fintech firms.
BVNK co-founder Chris Harmse told CNBC that the firm has expanded its U.S. operations over the past year amid rising institutional demand for stablecoin settlement.
He …
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