Goldman Sachs · Circle · U.S. · CoinDesk
Circle’s stock took a big hit in June after more than 140 companies, including Stripe, Coinbase, Visa
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Now, with yet another new stablecoin initiative backed by large financial institutions, it is likely to hit investor sentiment again.
Key facts
- UPDATE (Sept. 1, 2026, 16:02 UTC): Adds Circle price action
- UPDATE (Sept. 1, 2026, 17:32 UTC): Adds details of OpenUSD and updates Circle price action
- The project grew from an initiative announced in October 2025, when 10 banks said they were exploring a digital payment asset backed one-for-one by reserves and available on public blockchains
- Participants now span North America, Europe, East Asia, the Middle East and Africa
Summary
A total of 21 financial institutions said Tuesday that they plan to establish a company in the second half of 2026 to support stablecoin issuance. The group will focus first on a U.S. dollar stablecoin for payments and digital asset settlement, with a euro token a priority for expansion. Circle, the issuer of USDC stablecoin, fell on Tuesday, underperforming most crypto stocks. A group of 21 financial institutions, including Bank of America, Citi, Goldman Sachs and UBS, plans to form a company that will issue stablecoins for payments and digital asset transactions, it said Tuesday. The company, which is yet to be named, is expected to be established in the second half of the year, subject to closing conditions, the group said in a press release.