Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027
- On Tuesday, September 1, 2026, a group of 21 major financial institutions—including Bank of America, Goldman Sachs, and Citi—announced plans to form a new company to issue a U.S. dollar-pegged stablecoin by the first half of 2027.
- Bank of America CEO Brian Moynihan warned in January that roughly 30% to 35% of U.S. commercial bank deposits, as much as $6 trillion, could migrate into stablecoins, prompting banks to secure liquidity and control over payment rails.
- The consortium intends to comply with the upcoming Genius Act, aiming to offer a "safe, robust and trusted solution" for wholesale, institutional, and retail markets, with plans to expand into euro-denominated tokens.
- This initiative competes with the Open USD project backed by more than 140 businesses, though Spanish lender BBVA is the only partner involved in both efforts, illustrating the fragmented stablecoin landscape.
- Regulatory frameworks like the European Union's Markets in Crypto-Assets Regulation are creating clearer pathways for adoption, as the group targets expansion into other G7 currencies to modernize digital asset settlement and cross-border payments.
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Bank of America, Citi, Goldman Sachs, Santander, BBVA, and 16 other entities will formalize a joint venture to issue a dollar-regulated stablecoin.The stated goal is to land Tether and Circle in a market that already moves hundreds of billions of dollars.
A group of 21 financial institutions, including Bank of America, Citi, Goldman Sachs and UBS, announced the creation of a new company during the second half of 2026 to “back up the issuance of a stablecoins-based solution.” The firm, whose name is still unknown, plans to operate worldwide, with an initial focus on a stablecoin denominated in US dollars, reported in a statement. In that sense, the goal is for its solution to reach the market duri…
Twenty-one major financial institutions – including Goldman Sachs, Bank of America, Citi and Deutsche Bank – have announced they are forming a joint venture to issue a dollar-pegged stablecoin in the first half of 2027. The initiative could mark the largest-ever entry of the traditional banking system into the cryptocurrency market.
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