BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch
Twenty-one major financial institutions plan to create a new company to develop and issue stablecoins, signaling deeper traditional finance participation in digital dollars as regulation becomes clearer. The consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. It aims to launch a US dollar stablecoin in the first half of 2027, subject to formation and other conditions, and later expand to other G7 currencies, with a euro version as the next priority. The stablecoin is intended for wholesale, institutional, and retail use, including cross-border payments and digital asset settlement. The project is designed to comply with the US GENIUS Act and the EU’s MiCA rules where relevant. The effort grew from an earlier 10-bank initiative exploring reserve-backed digital money on public blockchains. The move reflects accelerating bank interest in stablecoins, alongside similar activity in Europe and Asia.
