Goldman Sachs · U.S. · Singapore · Cointelegraph
BofA, Citi, Goldman Sachs among 21 institutions planning stablecoin launch
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◎ Multiple-sources
The planned venture will initially focus on a US dollar stablecoin before expanding to other G7 currencies, with a euro-denominated offering next.
Key facts
- The venture builds on an initiative announced last October, when an initial group of 10 banks said they were exploring a 1:1 reserve-backed form of digital money available on public blockchains
- 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 use stablecoins
- The consortium, announced Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments
- SocGens crypto subsidiary has issued euro- and dollar-denominated stablecoins, as has Fidelity, with its FIDD US dollar-denominated entry
Summary
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, announced Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. According to 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 said its stablecoin will target wholesale, institutional and retail markets, including use cases such as cross-border payments and digital asset settlement.