21 Banks Consortium and the Race to Build a Bank-Backed Stablecoin Network

In this paper, we discuss:

• Why 21 global banks are jointly developing a bank-backed stablecoin network;
• How stablecoins and tokenised deposits offer different paths for bank-issued digital money;
• How existing stablecoins’ network effects could challenge bank-backed alternatives;
• Why adoption, interoperability and liquidity will determine whether the consortium can build a competitive network

Download PDF: 21 Banks Consortium – October 2026