Banks explore launch of stable coins related to the currency G7 Coinstar

A group of banks is in the process of exploring the launch of stable coins focused on some of the world’s largest Fiat currency, including US dollar, euro and Japanese Jen.

According to a statement on Friday from BNP Paribas, banks, including Bank of America, Goldman Sachs, Deutsche Bank and Citi said That they launched a project to research “1: 1 spare digital money that provides stable payment assets available on public blockchains” associated with the Currency of the Seven (G7) countries: the United States, Canada, the United Kingdom, France, Germany, Italy and Japan.

“The aim of the initiative is to investigate whether the new offer in the entire industry can bring the benefits of digital assets and improve competition throughout the market, while providing complete compliance with regulatory requirements and management of the best practices,” the banks said.

The statement did not suggest a time lane for the project, which is likely to face the competition of Tether’s USDT (USDT), the largest market capitalization stabibel.

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Among US banks, their efforts would probably be relieved by the recent adoption of the Genating Law Act, the Law on Regulating Stable Payments, which US President Donald Trump signed the Law in July. Although the law already, it is not expected that the genius will enter into force for another 15 months, or 120 days after the US treasury and federal reserves have completed regulations around the law.

Related: Stablecoins will force ‘everyone’ to share the yield: Stripe Co

Concern, relegation from the ingenious law

Although the proponents of cryptocurrencies have largely praised the adoption of the US Stablecoin law, many banks have called for legislators and regulators to deal with holes in the law that would allow stable stable cells, claiming that they will threaten financial stability.

Co-founder and management partner MultiCoin Capital, Tushar Jain, said on Saturday that he expects Bank buyers to move their bank deposits to multiple yields Stablecoins as a result of a new law, which makes technological companies more competitive with financial institutions. However, Circle Dante Dante Disparte CEO has suggested that the Language of the Law ensures that technological companies and banks do not dominate the Stablecoin market.