BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch

A group of 21 major financial institutions plans to establish a new company to develop and issue stablecoins, offering another sign of traditional finance’s push into digital dollars as regulatory frameworks take shape.The consortium, announced Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. It plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the company’s formation and other conditions.According to the announcement, the group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority.The consortium said its stablecoin will target wholesale, institutional and retail markets, including use cases such as cross-border payments and digital asset settlement. The initiative is intended to comply with both the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation (MiCA), where applicable.The venture builds on an initiative announced last October, when an initial group of 10 banks said they were exploring a 1:1 reserve-backed form of digital money available on public blockchains. The cons...