Bloomberg: "Aimed at Payment Efficiency... Researching Stablecoin and Deposit Tokenization" Market: "Deutsche Bank Followed the Trend Following the Passage of the 'GENIUS Act' in the Senate" Some Suggest "Deutsche Bank Seeks Collaboration with Ripple to Issue Stablecoin"
Deutsche Bank, the 9th largest financial institution by global market capitalization, has been revealed to be exploring the issuance of its own stablecoin in response to regulatory proposals for stablecoins in the United States.
Bloomberg cited testimony from Sabih Behzad, Deutsche Bank's Head of Digital Assets, reporting that the bank is exploring the issuance of its own stablecoin and tokenization of bank deposits.
According to the report, Deutsche Bank is researching the issuance of its own stablecoin and the use of blockchain in transactions and settlements with other banks, with the aim of improving payment efficiency.
Deutsche Bank's stablecoin issuance is interpreted as following the overall movement of global financial institutions after the recent passage of the 'GENIUS Act' stablecoin regulatory bill in the US Senate.
The GENIUS Act, a regulatory bill for stablecoins, passed the Senate vote with 66 to 32 votes. The bill allows private companies to issue stablecoins if approved by federal or state regulatory agencies, and is evaluated as opening the door for private companies to issue dollar-pegged stablecoins.
After the Senate passage of the GENIUS Act, the Wall Street Journal reported on May 23rd, based on testimony from sources, that JP Morgan, Bank of America (BOA), Citigroup, and Wells Fargo are exploring stablecoin issuance through joint corporate participation.
Meanwhile, it was also reported that Deutsche Bank is seeking collaboration with Ripple for stablecoin issuance. Crypto media Coin Republic reported that "multiple sources suggest Deutsche Bank is using Ripple's technology to issue and distribute stablecoins."
Reporter Seung-won Kwon ksw@blockstreet.co.kr
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