Top Global Banks Unite to Launch G7-Pegged Stablecoin — Ripple’s Role Under Speculation

• Ten banks, including Bank of America, Goldman Sachs, TD Bank, MUFG, UBS, and Citibank, are building a stablecoin backed by G7 currencies.
• Speculation is growing that Ripple could play a role in the initiative, given its close ties with the banks and its ambition to modernize financial infrastructure.

According to an earlier update from Crypto News Flash, Ripple (XRP) has formed over 300 banking collaborations since its inception in 2012.

Ripple is one of the most widely recognized blockchain companies in the financial sector, and a major reason is its strong focus on working with banks and financial institutions, rather than competing against them.

Traditional payment systems, such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT), can take several days, involve multiple intermediaries, and incur high transaction fees. Ripple solves this with RippleNet, a blockchain-based payment network that enables near-instant global transfers with low fees.

On Friday, there was an update with a list of banks that are reportedly collaborating on a joint stablecoin initiative. BankXRP caught people’s attention in a follow-up post stating: “All of these Banks have tested, worked with, or invested in Ripple. Do you believe they are all working together now with Ripple?”

The Banks Working on a Stablecoin

Financial institutions are stepping into the stablecoin space as surging crypto prices and U.S. President Donald Trump’s pro-crypto stance, including the signing of the GENIUS Act into law to establish a regulatory framework for issuing stablecoins, have reignited industry momentum.

The initiative involves the Bank of America, Deutsche Bank, Goldman Sachs, and UBS. Alongside Citi, MUFG, Barclays, TD Bank, Santander, and BNP Paribas, these institutions plan to collaborate on exploring blockchain-based assets pegged to G7 currencies.

This joint effort, still in its early stages, aims to assess the potential benefits and use cases of issuing stablecoins on public blockchains, marking a significant step toward merging conventional finance with the digital economy.

The banks said in a statement.:

As CNF has highlighted, one of the most visible collaborations has been with Bank of America, which participated in Ripple’s pilot programs and was officially named a partner in 2020.

In Asia, MUFG Bank was among Ripple’s earliest adopters, using RippleNet to speed up remittances and reduce costs. TD Bank also explored Ripple’s technology, testing its blockchain solutions for international payments as part of pilot programs aimed at modernizing cross-border transactions.

Banco Santander, one of Europe’s biggest banks, has fully integrated Ripple’s technology into its One Pay FX platform, enabling near-instant cross-border transfers for customers. As BankXRP hinted, the idea that these financial giants could be working together with the Ripple network is starting to look less like speculation and more like a real possibility.

According to the latest data, XRP has had a rough week, declining 17% over the past seven days and an additional 11% in the last 24 hours, currently trading at around $2.48.

Even so, there’s a glimmer of optimism. Our analysis shows a descending triangle pattern forming, and if XRP manages to break upward from it, we could see a potential rally of up to the $3.90–$4.00 range.