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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.

SoFi Secures Up to $5 Billion Loan Agreement as Fintech Lending Grows

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SoFi (SOFI.O) has finalized a significant agreement with Blue Owl Capital, a leading asset management firm, to secure a loan facility of up to $5 billion. This deal marks a key milestone in SoFi’s expansion into the fintech lending space, as more consumers shift away from traditional banks and embrace digital-first financial services.

WHY IT’S IMPORTANT
The rising trend of high interest rates, stricter bank lending standards, and the growing preference for digital, user-friendly financial platforms have led consumers to gravitate toward fintech lenders. These platforms, like SoFi, are known for faster approval times, flexible credit options, and simplified application processes, making them increasingly popular among borrowers. At the same time, institutional investors are drawn to fintech loans due to their higher yield potential compared to other fixed-income investments.

CONTEXT
SoFi’s two-year agreement with Blue Owl Capital is the company’s largest loan deal to date and highlights the growing demand for personal loans from both consumers and debt investors. Under the terms of the agreement, SoFi will serve as an intermediary by referring pre-qualified borrowers to lending partners or originating loans on behalf of third parties. This approach enhances accessibility to borrowing while continuing to diversify SoFi’s revenue streams. The deal also supports SoFi’s long-term strategy of shifting towards more fee-based income sources, which are less capital-intensive.

In October 2024, SoFi also announced a $2 billion agreement for personal loans with affiliates of Fortress Investment Group.

BY THE NUMBERS
In 2024, SoFi’s loan platform originated $2.1 billion in loans, reinforcing the fintech’s ability to attract capital for personal loans. SoFi’s fee-based revenue surged 74% to $969.9 million, driven by strong performances in origination fees, its loan platform business, and income from interchange, brokerage, and referrals.