21 Financial Giants Including Bank of America, Citi, and Goldman Sachs Set to Launch Stablecoin
A consortium of leading banks is establishing a digital currency initiative targeting international payments and settlement systems, with an anticipated launch date of 2027.
Twenty-one leading financial institutions are preparing to create a new entity dedicated to developing and distributing stablecoins, providing further evidence of conventional banking's advancement into the digital dollar space as regulatory guidelines begin to solidify.
The banking alliance, revealed on Tuesday, comprises Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The group intends to introduce a stablecoin pegged to the US dollar during the initial six months of 2027, contingent upon successful company establishment and additional requirements being met.
Based on the announcement, the consortium envisions future expansion into stablecoins backed by additional G7 currencies, identifying a euro-based offering as the subsequent target in its development roadmap.
According to the consortium, the planned stablecoin will serve wholesale, institutional and retail sectors, encompassing applications like cross-border payments and settlement of digital assets. The project aims to achieve compliance with the US GENIUS Act as well as the European Union's Markets in Crypto-Assets Regulation (MiCA), wherever these regulations apply.
This venture represents an evolution of an initiative unveiled in October of the previous year, when an original coalition of 10 banking institutions announced their exploration of a reserve-backed digital currency with 1:1 backing, accessible through public blockchains. Since that time, the consortium has expanded to more than twice its initial membership, now encompassing financial institutions from North America, Europe, East Asia, the Middle East and Africa.
Banks deepen push into stablecoins
This development emerges as stablecoins have experienced substantial growth over recent years, with the enactment of the GENIUS Act and MiCA establishing more defined regulatory frameworks for mainstream acceptance.
In related developments, Singapore is evaluating the possibility of incorporating jointly issued cross-border stablecoins within its regulatory structure, as reported in a Tuesday announcement, reconsidering its previous stance that limited the framework to issuance within domestic borders.
Institutional appetite was already materializing in the early months of 2025, when a survey conducted by Fireblocks involving 295 executives revealed that 90% of those surveyed were either currently utilizing or had plans to utilize stablecoins.
Following that period, prominent financial institutions have broadened their involvement in this market segment. The crypto division of Societe Generale has introduced stablecoins denominated in both euros and dollars, while Fidelity has recently unveiled its FIDD stablecoin pegged to the US dollar.
SocGens crypto subsidiary has issued euro- and dollar-denominated stablecoins, as has Fidelity, with its FIDD US dollar-denominated entry. Last month, Standard Chartered backed a Hong Kong dollar stablecoin venture.