Banks and Fintech Giants Face Off in Stablecoin Race
A group of 21 banks has entered the stablecoin race, setting up a competitive landscape against major financial technology firms Stripe and Visa.
A group of 21 traditional financial institutions has entered the stablecoin sector, setting up a competitive race against major payment firms Stripe and Visa, according to Forbes. The emerging landscape highlights an intensifying push by established banking entities into blockchain-based settlement rails and digital currencies.
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The initiative brings together a consortium of 21 banks to challenge existing offerings from established fintech operators. Stripe and Visa have both expanded their presence in the digital asset space through various stablecoin settlement initiatives and merchant payment features.
Key facts
- Twenty-one banks are participating in the stablecoin initiative.
- The development pits traditional banking institutions against Stripe and Visa.
- The report was published by Forbes.
Source: news.google.com
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