21 Banks Plan Joint USD Stablecoin for Cross-Border Payments
Bank of America, Wells Fargo, Citigroup and Goldman Sachs join 21 firms to form a company issuing a dollar stablecoin for commercial payments, with 2026-2027 timeline.
Twenty-one banks and financial firms, including Bank of America, Wells Fargo, Citigroup and Goldman Sachs, are forming a new company to issue a dollar-denominated stablecoin for commercial cross-border payments.
Company formation is targeted for the second half of 2026 and the token is planned to go live in the first half of 2027. The initial focus is on commercial users, with possible retail access in some regions at a later stage.
The group also plans stablecoins tied to other G7 currencies, beginning with the euro. Additional named participants include Deutsche Bank, Santander, UBS and Fidelity, plus banks from Canada, Japan, the Middle East and Africa.
The exact full list of the 21 participants remains undisclosed. Regulatory approvals and technical implementation details are still pending.