Bank Of America, Goldman Sachs, Citi Join Push to Launch Global Stablecoin

A group of twenty-one global financial institutions, including Bank of America Corp. ), Goldman Sachs Group Inc. ) and Citigroup Inc. C) is forming a new company to launch a regulated stablecoin.Alongside BofA, Goldman Sachs and Citi, the consortium includes Wells Fargo & Co. (NYSE:WFC), Capital One Financial Corp. (NYSE:COF), Fidelity Investments, PNC Financial Services, Scotiabank, TD Bank, WisdomTree, Banco Santander, BBVA, Deutsche Bank (NYSE:DB), UBS (NYSE:UBS), MUFG Bank and others.The official statement released on Sep.1 stated that the venture will initially focus on a U.S. dollar-denominated stablecoin, with plans to expand into other G7 currencies.A euro-denominated stablecoin is the next priority.While the "yet-to-be-named" company is scheduled to be formed in second half of 2026, the stablecoin solution will be live in the market in 1H of 2027.The stablecoin will serve wholesale, institutional and retail markets, targeting cross-border payments and digital asset settlements while bringing bank-grade distribution and institutional liquidity to a market dominated by crypto-native issuers.Stablecoin Push More Than Doubles In SizeThe initiative builds on an October 2025 announcement in which 10 banks said they were exploring a 1:1 reserve-backed digital currency that could operate across public blockchains.That group has now expanded to 21 institutions spanning North America, Europe, East Asia, the Middle East and Africa.The venture also intends to comply with the GENIUS Act in the U.S. and the European Union’s Markets in Crypto-Assets (MiCA) framework where applicable.Last week, JPMorgan Chase (NYSE:JPM) signaled it could launch its own stablecoin, saying it would "evaluate all options" based on customer demand and regulatory developments. The bank already operates JPM Coin and its own blockchain.Image: Shutterstock