Bank of America, Citi join 21-firm stablecoin plan

Bank of America, Citi, Goldman Sachs and 18 other financial institutions committed on Sept. 1 to establish a stablecoin company during the second half of 2026, subject to closing conditions. Summary Twenty-one financial institutions committed to establish a stablecoin company during the second half of 2026. The consortium targets a dollar stablecoin launch during 2027’s first half, subject to closing conditions. Additional G7 currency stablecoins may follow, with a euro-denominated product identified as the initial priority. The planned token would support wholesale, institutional and retail payments alongside digital asset settlement services. The venture intends to meet applicable GENIUS Act and MiCA requirements before beginning global operations. The unnamed venture plans to issue a U.S. dollar-denominated stablecoin during the first half of 2027. The group said it may later introduce tokens linked to other G7 currencies, with a euro stablecoin named as its first expansion priority. The institutions intend to use the token across wholesale, institutional and retail markets. Proposed uses include cross-border payments and settlement for digital asset transactions. 21 MAJOR BANKS...