Six global banks team up to create new digital currency

Aim to launch next year

Jayna Rana
clock • 2 min read

Six leading global banks have joined forces to create their own form of digital currency, which they hope to launch next year.

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have come together for a project to create the currency to clear and settle financial transactions using blockchain. The "utility settlement coin" was created by UBS to make financial markets more efficient, and has shifted into a new phase of development, according to the Financial Times. Members have started having more in-depth conversations with central banks and are working on tightening up data privacy and cyber security protections, the paper reports. Falcon enters Bitcoin market with bl...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Currencies

US dollar falls out of favour with CIOs rating it least favourite asset in Q2 2025

US dollar falls out of favour with CIOs rating it least favourite asset in Q2 2025

CIOs worried about Fed cuts

Patrick Brusnahan
clock 25 June 2025 • 2 min read
China's central bank predicts end to global dollar reliance

China's central bank predicts end to global dollar reliance

'Multipolar international monetary system'

Patrick Brusnahan
clock 18 June 2025 • 1 min read
Reform UK to accept crypto donations and establish Bitcoin reserve

Reform UK to accept crypto donations and establish Bitcoin reserve

UK crypto reserve to be established

Linus Uhlig
clock 02 June 2025 • 2 min read
Trustpilot