Banks Unite Behind US Dollar Stablecoin Launch

Twenty-one of the world's largest financial institutions have come together to form a company that will issue a US dollar stablecoin. Goldman Sachs, Bank of America, and Citi are among the anchor banks behind this effort.

The company doesn't yet have a name, but its formation is planned for the second half of 2026, subject to closing conditions. The token will be a private liability of the commercial company, backed by reserves held by the banks themselves, with no involvement from the Federal Reserve.

This move has teeth in the US specifically, as President Donald Trump signed an executive order in January 2025 banning federal agencies from developing or issuing a CBDC. Instead, the government is backing private, dollar-pegged stablecoins like this one.