Bank of America Rises as 21 Banks Enter Stablecoins, Facing $180 Billion Tether

Bank of America , the consumer-banking and payments giant, climbed approximately 0.6% to $62.295 Tuesday as 21 major banks prepared a coordinated stablecoin offensive. The group plans to establish a jointly owned company this year and launch a dollar-backed digital currency in the first half of 2027.The push expands an earlier banking consortium exploring fully reserved digital money on public blockchains. Goldman Sachs, Citigroup and Deutsche Bank are among the participants, while a euro-backed version could come next. But the banks are chasing a giant: Tether already has more than $180 billion in circulation.The valuation picture flashes caution. At $62.295, Bank of America trades 15.34% above its GF Value estimate of $54.01, leaving less room for disappointment. The consortium brings regulatory credibility and 21 powerful distribution networks, but those same 21 owners must split the economics. Societe Generale's rival stablecoin has reached only about $12.5 million in circulationa sharp reminder that banking firepower does not automatically create digital-currency demand.