Global Banks Plan Stablecoin Joint Venture by Year-End
Stablecoins, typically designed to track fiat currencies through reserves of cash and liquid assets, have become key infrastructure for blockchain-based payments and settlement. A joint venture backed by Citi, Junmao and Mitsubishi UFJ would mark a deeper move by established lenders into crypto markets, putting banks closer to the issuance and distribution of digital money rather than leaving that role mainly to specialist token companies.
Several of the world’s largest banks have committed to establish the stablecoin company by Dec. 31, 2026, according to the report. Citi, Junmao and Mitsubishi UFJ were among the institutions named. The parties have not disclosed the venture’s full shareholder list, investment amount, ownership split, reserve structure, target currency or commercial launch date, leaving the project’s scale and operating model still to be defined.
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The history behind this event21 Global Banks Including BofA, Goldman, Citi Plan Joint Dollar Stablecoin Launch
Stablecoins have rapidly gained traction in cross-border payments and institutional settlement, prompting banks that once eyed the sector warily to launch their own. A consortium of 21 major global financial institutions, including Bank of America, Goldman Sachs and Citigroup, is forming a joint venture to issue a dollar-pegged stablecoin, reflecting a shift in how traditional finance views crypto-based settlement as regulatory frameworks such as the EU's MiCA take shape.
The consortium, which also includes UBS, plans to launch its dollar stablecoin in the first half of 2027, with plans to later expand into the euro and other G7 currencies. The venture will target wholesale, institutional and retail markets for cross-border payments and digital asset settlement, operating under a newly formed company while complying with MiCA and other applicable regulatory regimes.
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