21 Major Banks Including BofA, Citi, Goldman Sachs Plan Joint Stablecoin for 2027

Twenty-one major financial institutions, including Bank of America, Citi, and Goldman Sachs, are forming a consortium to issue a US dollar-denominated stablecoin targeting a launch in the first half of 2027. The group also comprises Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments, with the planned token designed to serve wholesale, institutional, and retail markets. Beyond cross-border payments and digital asset settlement, the consortium intends to expand into other G7 currencies, starting with a euro-denominated stablecoin, while ensuring compliance with the US GENIUS Act and the EU's Markets in Crypto-Assets Regulation (MiCA). The venture builds on an October 2025 initiative by 10 banks exploring reserve-backed digital money on public blockchains, and the consortium has since more than doubled in size.

Meanwhile, Singapore's Monetary Authority (MAS) has opened a public consultation on legislative amendments to its stablecoin framework, proposing a route for tokens jointly issued by a Singapore-based entity and a foreign issuer to qualify as "MAS-regulated stablecoins," provided associated risks are sufficiently mitigated. MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, signaling a potential shift from its earlier restriction on multi-jurisdictional stablecoins. The consultation covers additional policy proposals reflecting developments since 2023.

In parallel, Thailand's securities regulator is seeking public feedback on rules that could grant retail investors access to qualifying overseas crypto derivatives products. The proposed framework would mark a notable opening of Thailand's derivatives market to foreign crypto-linked instruments, subject to specific eligibility criteria. Together, these moves highlight accelerating institutional adoption of stablecoins and digital assets as regulatory frameworks mature across major jurisdictions in 2026.