Goldman, Citi, Ubs Join 21-firm Push for Dollar Stablecoin by 2027

Twenty-one major financial institutions, including Bank of America, Citi, Goldman Sachs, UBS, Wells Fargo and Fidelity Investments, have committed to form a new company that will launch a U.S. dollar stablecoin in the first half of 2027. The venture, announced jointly by the group, is designed to bring bank-grade compliance and risk controls to blockchain-based payments across wholesale, institutional and retail markets. Banks and Asset Managers Line Up Behind a Joint Stablecoin The unnamed company is scheduled to be established in the second half of 2026. According to the joint announcement, the group intends to launch a dollar-denominated token in the first half of 2027, followed by expansion into other G7 currencies, with a euro product listed as an early priority. The stablecoin is being designed for wholesale, institutional and retail markets, with potential uses including cross-border payments and settlement of digital assets. The group says the product will combine bank-level compliance, governance, distribution and risk controls with the speed and programmability associated with blockchain-based money. Initiative Milestone Target Window Core Detail New company formation Second half 2026 21 institutions create unnamed stablecoin venture U.S. dollar stablecoin launch First half 2027 1:1 reserve-backed token for wholesale, institutional and retail use Euro-denominated token Early priority after U.S. launch Part of planned expansion into G7 currencies A Cross-continent Participant List The project builds on an initiative first disclosed in October 2025, when 10 banks said they were exploring a 1:1 reserve-backed form of digital money that could operate on public blockchains. Since then, the coalition has more than doubled in size. The North American participants include: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, Wisdomtree The European members include: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, UBS Other participating firms include: MUFG Bank (East Asia) Sirius International Holding (Middle East) Standard Bank (Africa) The Compliance Frame: Genius Act and Mica The firms say the stablecoin structure will comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets (MiCA) framework where applicable. Those regulatory regimes set requirements around reserves, issuance, governance, disclosure and ongoing oversight for stablecoin operators. The move marks a significant escalation in traditional finance’s stablecoin ambitions. Until recently, dollar-backed tokens were dominated by crypto-native issuers such as Tether and Circle. The involvement of 21 established banks and investment firms signals a major push by mainstream finance to build a regulated alternative for digital-dollar transactions on public blockchains. Which Banks Are Part of the 21-firm Stablecoin Group? The group includes Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and Wisdomtree in North America. European participants include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS, joined by MUFG Bank, Sirius International Holding and Standard Bank. When Will the Banks Launch the Stablecoin? The institutions plan to form the new company in the second half of 2026 and launch a U.S. dollar stablecoin in the first half of 2027. A euro-denominated token is listed as an early priority after the dollar launch. What Uses Are Planned for the Stablecoin? The stablecoin is intended for wholesale, institutional and retail markets, with potential uses including cross-border payments and settlement of digital assets. The group says the product will combine bank-level compliance, governance, distribution and risk controls with blockchain-based speed and programmability. How Does This Stablecoin Differ from Tether and Circle? Unlike existing dollar-backed tokens issued mainly by crypto-native companies such as Tether and Circle, the new token would be jointly backed and governed by a 21-firm traditional finance coalition. It is being designed to operate on public blockchains while following bank-level compliance and risk management frameworks. What Regulatory Frameworks Will Apply to the Stablecoin? The group says the stablecoin structure will comply with the U.S. GENIUS Act and the European Union’s MiCA framework where applicable. Those regimes set requirements for reserves, governance, disclosure and operation of stablecoin issuers.