21 Major Banks Including BofA and Goldman Sachs Unite to Launch Joint Stablecoin

A consortium of 21 major financial institutions, including Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments, announced plans to establish a new company dedicated to developing and issuing stablecoins. The venture, revealed Tuesday, will initially focus on a US dollar-denominated stablecoin targeted for launch in the first half of 2027, subject to corporate formation and regulatory conditions. The group has set its sights on expansion following the dollar debut, with a euro-pegged offering identified as the next priority before rolling out stablecoins denominated in the remaining G7 currencies.

The consortium said its stablecoin will serve wholesale, institutional, and retail markets, with use cases spanning cross-border payments and digital asset settlement. To meet varying jurisdictional requirements, the initiative is designed to comply with both the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA). The venture builds on an earlier initiative from October, when an initial group of 10 banks announced plans to explore a 1:1 reserve-backed digital money available on public blockchains. Since then, the consortium has more than doubled in size, drawing participants from North America, Europe, East Asia, the Middle East, and Africa.

The announcement reflects deepening institutional commitment to stablecoins as regulatory clarity improves globally. Singapore, for its part, is reconsidering its stance on jointly issued cross-border stablecoins and may open its regulatory framework to accommodate them. A Fireblocks survey of 295 executives conducted in early 2025 found that 90% of respondents were already using or planning to use stablecoins, underscoring the momentum behind the asset class. Major institutions have been steadily expanding their footprint: Société Générale's crypto subsidiary has issued both euro- and dollar-denominated stablecoins, Fidelity recently launched its FIDD US dollar-pegged offering, and Standard Chartered backed a Hong Kong dollar stablecoin venture last month.