The group of banks said the stablecoin initiative would explore the “benefits of digital assets” in bringing new products to the market. A group of banks is in the process of exploring the launch of stablecoins focused on some of the world’s biggest fiat currencies, including the US dollar, euro and Japanese yen. According to a Friday statement from BNP Paribas, banks including Bank of America, Goldman Sachs, Deutsche Bank and Citi said that they had launched a project to explore the “issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains” linked to currencies from the Group of Seven (G7) countries: the United States, Canada, the United Kingdom, France, Germany, Italy and Japan. “The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management,” ...
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The recent floods across Punjab have upended lives once again, displacing nearly 2.8 million people and affecting more than 4.2m, according to a Rapid Needs Assessment report from the United Nations. Amid the devastation, survivors are struggling not only with loss and uncertainty but with deep psychological distress that shows no sign of easing. A mother’s silent struggle Nazeera Bano, 39, a mother of four from Bait Nabi Shah village in Muzaffargarh’s Tehsil Alipur, has been having sleepless nights since this year’s floodwaters swallowed her home and forced her family to seek shelter in a government-donated tent. Now living with relatives in a nearby village, she said, the flashbacks of the ordeal still play out vividly in her mind, leaving her anxious and on edge. “My daughter is getting married next year, so we had all the dowry kept in the house. When the water entered, we barely had time to save anything. We brought the jewellery with us and some essential items, but not everything could be carried. I am...