Crypto
Banks Unite to Launch Joint Stablecoin Initiative
A coalition of 21 leading financial institutions has announced plans to launch a joint stablecoin initiative. The group, which includes Goldman Sachs, Citi, and Bank of America, aims to establish a dedicated entity for issuing blockchain-based stablecoins by late 2026.
The first stablecoin will be pegged to the U.S. dollar and is expected to hit the market in early 2027, followed by a euro-pegged digital currency and other G7 currency tokens.
The initiative is designed to meet regulatory requirements under the U.S. GENIUS Act and the EU's MiCA framework, which aim to provide a more defined legal structure for stablecoin adoption across jurisdictions.