21 Major Banks Unite to Launch Stablecoin Venture

Twenty-one major banks have formed a coalition to launch their own stablecoin venture. The group, which includes financial heavyweights such as Goldman Sachs, Citi, and Bank of America, has set its sights on a late 2026 formation with a target launch date for the first half of 2027.

The initial product will be a dollar-backed stablecoin, followed by euro-pegged tokens and other major global currencies. The initiative aims to adhere to U.S. GENIUS Act requirements and the European Union's MiCA regulatory standards.

This move has sent shockwaves through the market, particularly for Circle, whose USDC stablecoin saw a 6% decline in stock price following the announcement.