Goldman Sachs, Bank of America, and 21 Other Financial Institutions to Jointly Issue USD Stablecoin, Targeting Launch in First Half of 2027

Odaily News - Goldman Sachs, Bank of America, Citigroup, and 21 other financial institutions committed on Tuesday to form a company to jointly issue a USD stablecoin, with plans to launch in the first half of 2027. The company is expected to be formed in the second half of 2026 and has not yet been named, with closing conditions still to be satisfied.

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

The stablecoin will represent liabilities of the commercial company, backed by reserve assets held at banks, and will 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. After the USD stablecoin launches, an euro-denominated version will be issued, followed by expansion to other G7 currencies. (Decrypt)