21 Banks Including BofA, Citi, Goldman Sachs Plan Stablecoin Venture

Twenty-one major financial institutions, including Bank of America, Citi, and Goldman Sachs, have announced plans to form a joint company that will issue a US dollar-denominated stablecoin in the first half of 2027. The consortium also includes Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments, with the planned token targeting wholesale, institutional, and retail markets. Potential use cases span cross-border payments and digital asset settlement, and the group intends to follow up with a euro-denominated stablecoin as part of a broader G7 currency expansion. The venture is expected to comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation, and it builds on an October 2025 initiative in which 10 banks first explored reserve-backed digital money on public blockchains.

In regulatory developments, the Monetary Authority of Singapore (MAS) has opened a public consultation on proposals that would allow certain jointly issued stablecoins to qualify under its framework and carry the "MAS-regulated stablecoin" label. Under one proposal, stablecoins co-issued by a Singapore-based entity and a foreign issuer could be recognized, provided that associated risks are sufficiently mitigated. MAS is also weighing whether to recognize a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, signaling a shift from its earlier restriction on multi-jurisdictional tokens.

Meanwhile, Thailand's Securities and Exchange Commission is seeking industry feedback on rules that could open qualifying overseas crypto derivatives to retail investors. The proposal comes as regulators across Asia reassess digital asset frameworks amid rising institutional participation. Separately, Societe Generale and Fidelity have already launched dollar-denominated stablecoins, while Standard Chartered recently backed a Hong Kong dollar stablecoin venture, underscoring how traditional finance continues to deepen its engagement with the digital asset sector.