Citi, Goldman and global institutions plan stablecoin venture

A group of 21 financial institutions plans to form a company that will issue stablecoins for payments and digital asset transactions. The group includes Bank of America, Citi, Goldman Sachs and UBS. The company has not been named. The company is expected to be established in the second half of the year, subject to closing conditions. The venture plans to launch a U.S. dollar-denominated stablecoin in the first half of 2027. The venture aims to add stablecoins tied to other Group of Seven currencies later. A euro-denominated token is a priority. The planned stablecoin aims to comply with the U.S. GENIUS Act where applicable. It also aims to comply with the EU's MiCA rules where applicable. The project grew from an initiative announced in October 2025. At that time, 10 banks said they were exploring a digital payment asset backed one-for-one by reserves. The asset would be available on public blockchains. Participants now span North America, Europe, East Asia, the Middle East and Africa. Other participants include Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank and Standard Bank.