21 Major Banks Team Up for Regulated Stablecoin
A group of twenty-one global financial institutions is forming a new company to launch a regulated stablecoin. The consortium includes Bank of America Corp., Goldman Sachs Group Inc., and Citigroup Inc., alongside other major banks such as Wells Fargo & Co. and PNC Financial Services.
The venture will initially focus on a U.S. dollar-denominated stablecoin, with plans to expand into other G7 currencies, starting with the euro. The stablecoin solution is expected to be live in the market by the first half of 2027.
The new company aims to serve wholesale, institutional, and retail markets, targeting cross-border payments and digital asset settlements while bringing bank-grade distribution and institutional liquidity to a market dominated by crypto-native issuers.