Bank of America, Goldman and Citi join push for bank-led stablecoin venture

Bank of America, Goldman Sachs and Citi join push for bank-led stablecoin venture, targeting token launch in H1 2027

Potential use cases include cross-border payments and settlement of digital assets, where blockchain-based money could provide an alternative to existing payment and settlement infrastructure.

A group of 21 global financial institutions have agreed to move forward with plans to jointly develop a globally distributed stablecoin, targeting a dollar-denominated stablecoin launch in the first half of 2027, according to a Tuesday press release.

The development confirmed a recent Wall Street Journal report that more than a dozen financial institutions were working on a global stablecoin venture, expanding on a bank-led digital-money effort first unveiled last year.

The consortium plans to establish a dedicated company to support the project. The company is expected to be established in the second half of 2026, subject to closing conditions, and will operate with a global focus.

Its first product is planned as a USD-denominated stablecoin, while the longer-term strategy includes stablecoins tied to additional G7 currencies, with a euro product a key priority.

The project expands on an initiative announced in October 2025, when 10 banks began exploring a 1:1 reserve-backed form of digital money designed to provide a stable payment asset on public blockchains. The group has since grown to 21 institutions headquartered across major financial centers.

The participating institutions now span five major regions. North American members include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. European participants include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS.

MUFG Bank represents East Asia, Sirius International Holding represents the Middle East and Standard Bank represents Africa.

The proposed company aims to combine the infrastructure and expertise of major financial institutions with bank-grade compliance, governance and institutional risk controls. Its stablecoin could be used across wholesale, institutional and retail markets.

The group sees cross-border payments and digital-asset settlement among the potential applications, in particular, where customers could benefit from a trusted digital form of money operating on public blockchains.

The group said the initiative would meet the requirements of the US GENIUS Act and Europe’s MiCA framework where applicable.

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