Written by Sam Bourgistaff writerReviewed by Robert Lakinstaff editor

Written by Sam Bourgistaff writer

Reviewed by Robert Lakinstaff editor

BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch

Latest NewsPublishedSep 1, 2026

The planned venture will initially focus on a US dollar stablecoin before expanding to other G7 currencies, with a euro-denominated offering next.

A group of 21 major financial institutions plans to establish a new company to develop and issue stablecoins, offering another sign of traditional finance’s push into digital dollars as regulatory frameworks take shape.

The consortium, revealed Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. It plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the company’s formation and other conditions.

as reported by the announcement, the group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority.

The consortium stated its stablecoin will target wholesale, institutional and retail markets, including utilize cases such as cross-border payments and digital asset settlement. The initiative is intended to comply with both the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation (MiCA), where applicable.

The venture builds on an initiative revealed last October, when an initial group of 10 banks stated they were exploring a 1:1 reserve-backed form of digital money available on public blockchains. The consortium has since more than doubled in size, bringing together financial institutions across North America, Europe, East Asia, the Middle East and Africa.

Related: Kast launches stablecoin-powered business platform after $80M raise

Banks deepen push into stablecoins

The move comes as stablecoins have grown considerably in recent years, with the passage of the GENIUS Act and MiCA creating clearer regulatory pathways for adoption.

Elsewhere, Singapore is considering allowing jointly issued cross-border stablecoins into its regulatory regime, as reported by a Tuesday announcement, revisiting its earlier decision to restrict the framework to domestic issuance.

Institutional interest was already taking shape in early 2025, when a Fireblocks survey of 295 executives found that 90% of respondents were using or planning to utilize stablecoins.

Since then, major financial institutions have expanded their presence in the sector. Societe Generale’s crypto subsidiary has issued euro- and dollar-denominated stablecoins, while Fidelity recently introduced its US dollar-pegged FIDD stablecoin. 

SocGens crypto subsidiary has issued euro- and dollar-denominated stablecoins, as has Fidelity, with its FIDD US dollar-denominated entry. Last month, Standard Chartered backed a Hong Kong dollar stablecoin venture.

Related: SEC sends crypto custody rule overhaul to White House for review

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Stablecoin
• Bank of America
• Goldman Sachs
• Citi
• Standard Chartered
• Industry

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