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Major Banks Explore Launch of Stablecoin Pegged to G7 Currencies

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Ten of the world’s largest banks — including Bank of America, Deutsche Bank, Goldman Sachs, UBS, Citi, MUFG, Barclays, TD Bank, Santander, and BNP Paribas — are collaborating to explore the creation of a stablecoin pegged to G7 currencies. The initiative marks another major step by traditional finance to adapt to the rapidly expanding digital asset sector.

The banks said the project, still in its early stages, aims to evaluate the potential of blockchain-based tokens backed 1:1 by real-world currencies. The goal is to determine whether a shared stablecoin system could combine the efficiency of digital assets with robust regulatory compliance and sound risk management.

This move follows renewed enthusiasm for stablecoins, driven by a resurgence in cryptocurrency markets and U.S. President Donald Trump’s open support for the sector. Yet global regulators remain cautious. Bank of England Governor Andrew Bailey and ECB President Christine Lagarde have both warned that private stablecoins could threaten financial stability and monetary policy.

Currently, stablecoins are mainly used within crypto markets rather than for everyday payments — about 90% of transactions involve crypto trading, according to BCG. The market leader, Tether, holds a dominant $179 billion share out of $310 billion in circulation.

As the global banking industry races to explore blockchain innovation, rival European lenders are also forming new consortiums, including one working on a euro-denominated stablecoin backed by ING and UniCredit.

Sanctioned Rouble-Backed Crypto Firm Sponsors Major Singapore Conference as Token Use Soars

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A company behind a rouble-backed cryptocurrency sanctioned by the U.S. and U.K. appeared as a platinum sponsor at TOKEN2049, one of the world’s largest crypto conferences, held this week in Singapore—underscoring how sanctioned entities continue to operate in global crypto circles.

The firm, A7A5, is based in Kyrgyzstan and runs a stablecoin pegged to the Russian rouble, launched in January by a Russian defense-linked lender and a payments company. Western governments say it is part of a network helping Russia evade sanctions imposed after its 2022 invasion of Ukraine.

Despite being targeted by U.S. and British sanctions in August, A7A5 had a prominent booth at TOKEN2049, where it was initially listed among more than 20 platinum sponsors. Conference staff reportedly wore A7A5-branded shirts, and the company’s director of regulatory and overseas affairs, Oleg Ogienko, even spoke on stage.

Following Reuters inquiries, all references to A7A5 and Ogienko were removed from the event’s website by Thursday afternoon. TOKEN2049 organizers, registered in Hong Kong, did not respond to requests for comment.

Ogienko confirmed that the A7A5 operation in Singapore was part of the sanctioned group, saying: “We were sanctioned several times.” He insisted the company complies with Kyrgyz regulations and denied any role in money laundering. “We just applied for participation, and the organizers confirmed it,” he said.

According to blockchain analytics firm Elliptic, A7A5’s trading volumes have surged, with $70.8 billion transferred since January, up from $40 billion in July. Daily transaction counts have doubled in the past month, suggesting increasing adoption of the token for cross-border transactions.

Ogienko told Reuters the token is used by Russian firms and foreign trade partners, particularly in Asia, Africa, and Latin America—regions where Moscow continues to seek alternatives to Western financial systems. “Many countries who trade with Russia use our stablecoin,” he said. “These are billions of dollars.”

Neither Singapore nor Hong Kong has imposed sanctions on A7A5 or its affiliates, leaving local regulators with little obligation to restrict participation. Legal experts told Reuters that U.S. sanctions lack jurisdiction unless American individuals or institutions are directly involved.

The controversy highlights the difficulty Western authorities face in curbing crypto-based sanctions evasion, as decentralized systems and jurisdictional loopholes allow targeted entities to remain active in the global digital economy.

TOKEN2049, attended by over 25,000 participants, featured top industry figures including Donald Trump Jr., Cantor Fitzgerald chairman Brandon Lutnick, and executives from major crypto firms. Spokespeople for Trump Jr. and Cantor Fitzgerald did not comment.

As A7A5’s presence drew scrutiny, it served as a potent symbol of how geopolitics, regulation, and blockchain technology continue to collide in a financial world increasingly beyond traditional control.

TOKEN2049 Singapore: Ziplines, DJs and Trump Set the Tone for a Booming Crypto Scene

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The TOKEN2049 Singapore conference this week felt more like a festival than a finance event — complete with ziplines, DJs, yacht parties, and high-profile appearances from Donald Trump Jr. and other crypto leaders who hailed the growing influence of U.S. President Donald Trump on the digital assets industry.

At the two-day gathering that ended Thursday, over 25,000 participants packed the Marina Bay Sands convention centre, picking up branded merchandise, joining side events and listening to speakers such as Trump Jr. and TRON founder Justin Sun. The mood was upbeat, reflecting renewed optimism across the crypto world and Asia’s expanding digital asset market.

According to Chainalysis, total crypto transaction volume in Asia reached $2.36 trillion by June 2025 — a massive leap from $1.4 trillion a year earlier. TOKEN2049’s turnout highlighted Singapore’s ambitions to cement itself as a global crypto hub, even as the city-state’s regulators tighten oversight after a series of exchange collapses.

A CARNIVAL OF CRYPTO CULTURE

The event blurred the line between business and entertainment. Attendees zipped across a line for free backpacks, got airbrushed tattoos, tested cryotherapy chambers, and played pickleball, while DJs blasted music from every floor.
“When I came in this morning and I heard the music, I had chills,” said Hubert Tang, a 60-year-old operations executive from Singapore. “How can this not be the new era?”

More than 120 side events — from exclusive dinners to a fight night featuring crypto executives in a boxing ring — took over the city. On Thursday, nine yacht parties and local club Zouk were booked out for TOKEN2049 guests, accepting payments in Bitcoin, Ethereum, USDC, Tether, and Binance Pay.

TRUMP FAMILY TAKES THE STAGE

At the heart of the conference was the Trump family’s growing alignment with the crypto industry.
“President Trump has single-handedly saved the crypto industry from people who wanted to ruin it,” said Zach Witkoff, CEO of Tether’s U.S.-based stablecoin venture and son of Trump’s Middle East envoy Steve Witkoff, sitting next to Donald Trump Jr. on stage.
Their comments — praising the president’s stablecoin regulatory law and pro-crypto stance — drew loud cheers from attendees.

Trump Jr. argued that stablecoins will soon underpin global finance:

“I think stablecoins are going to be the thing that backfills all of these countries that used to buy U.S. Treasuries,” he said. “That’s going to maintain the dollar’s hegemony and keep the world safe and strong.”

PREDICTIONS AND INDUSTRY MOMENTUM

The conference also featured policy discussions and market forecasts, with former White House crypto adviser Bo Hines saying the stablecoin market could exceed $1 trillion within a few years — a figure he called “very conservative.”

The event underscored how Trump’s shift from crypto sceptic to industry advocate has reshaped U.S. policy and investor sentiment. His administration’s pro-innovation regulatory framework has sparked a flood of venture capital into blockchain and DeFi firms.

THE NEW CRYPTO ERA

Attendees like Ophelia Wong, a 62-year-old from Hong Kong who attended TOKEN2049 for the third time, summed up the prevailing sentiment in one word:

“Booming,” she said. “It’s an irreversible journey.”

As the music faded and the yachts returned to the docks, TOKEN2049 left one clear message: crypto’s next chapter is being written — with Asia, and Trump’s America, at the center of it.