Goldman Sachs, Bank of America, and Citi to Launch Stablecoin

A consortium of 21 major financial firms, including Bank of America, Goldman Sachs, and Citi, has announced plans to establish a new entity focused on issuing stablecoins. The inaugural stablecoin will be pegged to the US dollar, with an expected launch in the first half of 2027.

The joint venture is projected to be formed in the latter part of 2026, following the completion of necessary agreements. While the name of the new company has not yet been revealed, it aims to further develop stablecoins linked to other G7 currencies, starting with the euro.

Other notable participants in this initiative include Capital One, Fidelity Investments, PNC Financial Services, Wells Fargo, and UBS, among others. The stablecoins are intended to facilitate cross-border payments, digital asset transactions, and operations in wholesale, institutional, and retail markets.

The initiative is designed to adhere to relevant regulatory frameworks, including the American GENIUS Act and the European MiCA regulation. This announcement comes three years after Goldman Sachs initially considered launching a stablecoin in collaboration with other banks.

Specifics about the technology and governance of the stablecoin remain unspecified, as well as the mechanisms for reserves and token redemption. Meanwhile, the European stablecoin project Qivalis has expanded to include 37 institutions working towards a euro-pegged stablecoin.