21 Financial Institutions Plan Stablecoin Venture to Challenge USDT and USDC

A consortium of 21 financial institutions, including Bank of America, Citi, Goldman Sachs, and UBS, is planning to establish a joint company to develop a stablecoin for payments and digital asset transactions. This move aims to challenge the current market dominance of Tether (USDT) and USD Coin (USDC).