21 banks including BofA, Citi, Goldman form stablecoin venture

September 3, 2026 at 03:14 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

At least 21 major financial institutions, including Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank and UBS, have agreed to create a joint venture to issue stablecoins. The first product is planned to be a US dollar-pegged token with launch targeted for the first half of 2027. The new company is expected to be formed in the second half of 2026, subject to closing conditions.

Key Facts

The consortium includes 21 financial institutions from North America, Europe, East Asia, the Middle East and Africa.
The first stablecoin will be pegged to the US dollar and is planned for launch in the first half of 2027.
The joint venture company is expected to be established in the second half of 2026, subject to closing conditions.
MUFG Bank confirmed its participation in a separate release on September 2.
After the dollar stablecoin, the consortium is considering tokens pegged to other G7 currencies, with the euro as the first priority.

Consortium Members

The consortium includes Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree from North America. European participants are 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. MUFG Bank confirmed its participation in a separate release on September 2, and BBVA also published a statement about the project on its corporate website.

Project Timeline and Scope

The initiative builds on a project launched in October 2025, when ten banks explored issuing a digital payment instrument backed 1:1 by reserves and available on public blockchains. The number of participants has now grown to 21, and the project has moved to plans to create a separate company. The first product will be a US dollar-pegged token, with launch planned for the first half of 2027. The new company is expected to be formed in the second half of 2026, subject to closing conditions, and its name has not been disclosed. After the dollar stablecoin, the consortium is considering tokens pegged to other G7 currencies, with the euro as the first priority.

Regulatory Alignment

Participants stated that the project will be built to comply with the US GENIUS Act and European MiCA regulation where applicable. The final architecture has not been disclosed: participants have not named the blockchains on which the stablecoin will operate, the governance structure of the new company, or the detailed terms of token circulation.