Goldman Sachs · U.S. · Circle · Decrypt
Goldman Sachs, BofA Among 21 Banks Planning Joint Dollar Stablecoin Launch
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Twenty-one of the world's largest financial institutions committed Tuesday to build a company that will issue a U.S. dollar stablecoin.
Key facts
- North America contributes Goldman Sachs, Bank of America, Citi, Capital One, Fidelity Investments, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree
- JPMorgan, Bank of America, Citi, and Wells Fargo have been weighing a joint token since 2025, months before an initial 10 institutions formally announced the effort
- In August, 39 state banking trade groups formed the BankChain Alliance, a separate network aimed at giving community and regional lenders access to tokenized deposits
- The distinction has teeth in the U.S. specifically, since President Donald Trump signed an executive order in January 2025 banning federal agencies from developing or issuing a CBDC, while explicitly
Summary
Twenty-one banks and asset managers, including Goldman Sachs, Bank of America, and Citi, committed Tuesday to form a company that will issue a U.S. dollar stablecoin, targeting a first-half 2027 launch. The group has more than doubled since an initial 10-bank exploration first announced in October 2025, and now spans North America, Europe, East Asia, the Middle East, and Africa. Circle shares fell roughly 6% Tuesday as investors priced in fresh bank-backed competition for USDC. It's worth being precise about what this isn't.