Goldman Sachs, Bank of America, and 21 Other Financial Institutions to Jointly Launch a U.S. Dollar Stablecoin, Planned for Launch in the First Half of 2027

Odaily News: Goldman Sachs, Bank of America, Citigroup, and 21 other financial institutions announced on Tuesday their commitment to form a company that will jointly issue a U.S. dollar stablecoin, with plans to launch in the first half of 2027. The company is expected to be established in the second half of 2026, though the name has yet to be determined and closing conditions must still be met.

The alliance's membership spans North America, Europe, East Asia, the Middle East, and Africa, more than doubling the initial 10 institutions that first explored the initiative in October 2025. The stablecoin will target wholesale, institutional, and retail markets, with initial use cases including cross-border payments and digital asset settlement.

This stablecoin constitutes a liability of the commercial company, backed by reserve assets held by banks, and does not involve the Federal Reserve's balance sheet. The project plans to comply with the U.S. GENIUS Act and, where applicable, the EU's MiCA framework. Following the launch of the U.S. dollar stablecoin, a euro version will be issued, with subsequent expansion to other G7 currencies. (Decrypt)