The service might be seen as a possible threat to the real-time payments network offered by Ripple.
“Our intention is to include greater reserves transparency” as the stablecoin operator goes public via a SPAC deal, Jeremy Allaire told CoinDesk TV Friday.
The banks include Citi, Bank of China, BNP Paribas and Deutsche Bank.
Russia's foreign affairs ministry believes SWIFT can be replaced by more advanced systems, mentioning blockchain.
It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
Enterprise blockchain doesn't need to reinvent the wheel: Communications standards in use for decades are built for machine-to-machine commerce.
From ATMs to cargo containers, standards make global commerce work. The same goes for crypto, which needs standards to comply with anti-money laundering rules.
Wells Fargo’s innovation lead says the bank’s new digital cash for internal transfers is faster and more efficient than SWIFT.
Japan is said to be leading the creation of an international cryptocurrency payments network similar to banking network SWIFT.
Interbank messaging giant SWIFT will soon allow DLT-based trade platforms to make use of its GPI platform for traceable, near-instant payments.
Over 100 firms including SWIFT, IBM and Ripple have joined a blockchain association officially launched by the European Commission on Wednesday.
Financial messaging giant Swift has teamed up with Singapore Exchange and several major banks to trial a DLT platform for shareholder voting.
Global banking payments network SWIFT says it plans a trial integration with DLT provider R3.
Several leading institutions are working towards producing tokenized digital central bank money, a more viable approach than unbacked crypto-assets.