Major banks form JV to launch regulated dollar stablecoin, challenging Tether and Circle

Over 20 global banks, including Bank of America, Citi, Goldman Sachs, Santander, and BBVA, are formalizing a joint venture to issue a regulated dollar-pegged stablecoin, directly competing with Tether and Circle in a market handling hundreds of billions. This marks a significant institutional entry into digital assets, potentially reshaping stablecoin market dynamics and regulatory landscape. Details on the JV structure, launch timeline, and regulatory approvals remain unconfirmed.