A euro stablecoin project has expanded its consortium by adding 25 new banks, bringing the total number of participating financial institutions to 37. The addition marks a significant increase from the previous 12 members.
Consortium growth
The consortium, which now includes 37 banks, did not disclose the names of the new members or provide a timeline for future additions. The project, which aims to issue a euro-pegged stablecoin, is backed by a growing group of financial institutions.
Stablecoin backing
The stablecoin is designed to be pegged to the euro, with the consortium of banks providing support and governance. The expansion suggests increasing interest among banks in participating in digital currency initiatives.
The consortium now has 37 members, with the project continuing to onboard institutions.
