Goldman Sachs, BofA Among 21 Banks Planning Joint Dollar Stablecoin Launch
Twenty-one major financial institutions, led by Goldman Sachs, Bank of America, and Citi, plan to create a U.S. dollar stablecoin company, pending closing conditions, with formation targeted for the second half of 2026 and a token launch by the first half of 2027. The project is a private stablecoin, not a CBDC: it would be issued by a commercial entity and backed by reserves, with no Federal Reserve liability involved. That fits U.S. policy after the January 2025 executive order banning federal CBDC development while encouraging private dollar-pegged stablecoins. The consortium spans North America, Europe, and parts of Asia, the Middle East, and Africa, and aims to use the token for wholesale, institutional, and retail payments, especially cross-border transfers and digital asset settlement. A euro version may follow. The plan is intended to comply with the U.S. GENIUS Act and EU MiCA.
