Bank of America, Citi and Goldman Sachs Join 21-Firm Stablecoin Venture

Bank of America, Citi and Goldman Sachs are among 21 major financial institutions preparing to establish a new company focused on stablecoin issuance, marking a significant expansion of traditional banks and financial firms into digital-dollar infrastructure.

According to information published by WuBlockchain, the group plans to establish the company in the second half of 2026 and launch a U.S. dollar-denominated stablecoin in the first half of 2027. Additional G7 currencies are expected to follow, with the euro identified as a priority.

21 Financial Institutions Back New Stablecoin Company

The group includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Fidelity Investments, Wells Fargo and MUFG, alongside other major financial institutions.

The planned stablecoin is designed to serve wholesale, institutional and retail use cases. Proposed applications include cross-border payments and digital asset settlement, areas where financial institutions have increasingly explored blockchain-based infrastructure to improve the movement and settlement of value.

The initiative also reflects growing institutional interest in stablecoins as regulated payment and settlement instruments rather than solely as tools within cryptocurrency markets.

The participating institutions intend for the stablecoin to comply with applicable regulatory requirements, including the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets (MiCA) framework where applicable.

Stablecoin Plans Target Cross-Border Payments

The proposed launch comes as regulators and financial institutions place greater emphasis on establishing formal rules for dollar-backed digital assets. Compliance with U.S. and European regulatory frameworks could be particularly important for a project designed to operate across multiple markets and currency systems.

The decision to begin with a U.S. dollar stablecoin also positions the initiative around one of the most widely used currencies in global finance. The planned expansion into additional G7 currencies, with the euro prioritized, would broaden the project beyond a single-currency settlement network.

For the crypto industry, participation by major banks, asset managers and global financial institutions could increase competition for existing stablecoin issuers while accelerating institutional adoption of blockchain-based settlement infrastructure.

The immediate milestone will be the formation of the new company in the second half of 2026, followed by the targeted U.S. dollar stablecoin launch in the first half of 2027.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.