A group of 21 major financial institutions, including Bank of America, Citi, Goldman Sachs and Deutsche Bank, has agreed to establish a new company that will issue stablecoins for payments and digital asset settlements. The venture will initially focus on a U.S. dollar-denominated stablecoin, providing banks and their clients with a regulated blockchain-based alternative for moving money.
The consortium plans to launch the dollar stablecoin in the first half of 2027. It intends to expand into tokens denominated in other G7 currencies, with a euro-backed stablecoin identified as the next priority.
The project is designed to combine bank-grade compliance, governance and institutional risk management with faster cross-border payments and digital asset settlement. The group intends for the stablecoin to comply with the U.S. GENIUS Act and the European Union’s MiCA framework where applicable.
