Bank of America, Goldman Sachs, Citi, along with 18 other major financial institutions, have reached an agreement to form a joint company dedicated to the issuance of stablecoins. The first stablecoin will be pegged to the US dollar.
The new entity is slated to be established in the latter half of 2026, contingent on the completion of the deal. The name of the company has not yet been disclosed.
The initiative includes the following institutions:
- Bank of America;
- Capital One;
- Citi;
- Fidelity Investments;
- Goldman Sachs;
- PNC Financial Services;
- Scotiabank;
- TD Bank Group;
- Wells Fargo;
- WisdomTree;
- Santander;
- BBVA;
- Commerzbank;
- Crédit Agricole;
- Deutsche Bank;
- Lloyds Banking Group;
- Rabobank;
- UBS;
- MUFG Bank;
- Sirius International Holding;
- Standard Bank.
The launch of the US dollar-pegged stablecoin is anticipated in the first half of 2027. Following this, the group plans to introduce additional stablecoins tied to other G7 currencies, with the euro being the next priority.
The developers of the initiative aim to utilize these tokens for cross-border payments, transactions involving digital assets, and in wholesale, institutional, and retail markets.
The initiative is expected to comply with the American GENIUS Act and the European MiCA regulation where applicable.
In 2022, representatives from Goldman Sachs indicated that the bank was exploring the possibility of creating its own stablecoin in partnership with others, although they did not plan to launch it imminently. Three years later, the first announcement of this project has emerged.
The specific network for the forthcoming asset has not been identified in the current announcement. Additionally, details regarding the reserve structure, token redemption mechanism, and governance of the new issuer remain undisclosed.
It is worth noting that in May, the number of participants in the European Qivalis project increased to 37 financial institutions, which are preparing to develop a regulated stablecoin pegged to the euro.