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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.

Fermi Files for U.S. IPO Amid AI-Driven Data Center Boom

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Fermi, a Texas-based data center developer co-founded by former U.S. Energy Secretary Rick Perry, has filed for a U.S. initial public offering (IPO), joining a growing wave of companies tapping investor demand for new listings. The filing comes as Wall Street’s IPO market rebounds strongly post-Labor Day.

Fermi plans to build the world’s largest energy and data complex, integrating nuclear, natural gas, and solar power to meet surging energy needs from artificial intelligence. This marks one of the first major nuclear-backed investments since President Donald Trump’s May executive orders to accelerate nuclear licensing and boost U.S. capacity from 100 GW to 400 GW by 2050.

The company, still pre-revenue just nine months after its founding, closed a $100 million round in August, led by Macquarie Group. It projects rapid market expansion, citing forecasts that the global generative AI sector will grow from $64B in 2023 to $457B by 2027 (Bloomberg Intelligence).

Fermi has applied to list on the Nasdaq under the ticker FRMI and also intends to pursue a London Stock Exchange listing. UBS Investment Bank, Cantor, and Mizuho are acting as bookrunners for the deal.

The IPO comes alongside other high-profile listings this week, including StubHub and Netskope, both launching roadshows to raise hundreds of millions.

UBS and Pictet Report Data Leak Following Cyber Attack on Service Provider; Client Data Safe

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Swiss banks UBS and Pictet disclosed on Wednesday that they were affected by a data leak caused by a cyber attack on their Swiss-based service provider, Chain IQ. Despite the breach, neither bank reported any compromise of client information.

According to Swiss newspaper Le Temps, tens of thousands of UBS employees’ data, including contact details and a direct internal line to UBS CEO Sergio Ermotti, were stolen. Chain IQ, headquartered in Baar, provides services to major firms including KPMG and Mizuho.

UBS confirmed that the incident involved stolen information related to the bank and other companies, emphasizing that no client data was affected. The bank said it responded quickly to mitigate operational impacts.

Chain IQ revealed that the cyber attack targeted it and 19 other companies, with some data published on the darknet. The firm stated that countermeasures were immediately implemented to contain the situation but declined to comment on ransom demands or communications with attackers due to ongoing investigations.

KPMG, listed as a Chain IQ client, said its infrastructure remained unaffected but enhanced its security protocols in response to the breach.

Pictet reported that only invoice-related information involving some of its suppliers, such as technology providers and consultants, was stolen. The private bank reassured that client data remained secure and stressed the importance of strict controls to prevent unauthorized access.

Swiss financial regulator Finma is overseeing the case according to standard procedures.

Cybersecurity expert Ilia Kolochenko of ImmuniWeb warned that breaches at third-party vendors pose a significant risk even to top financial institutions, potentially affecting the long-term trust in Swiss banking.