BofA, Citi and Goldman Lead 21-Firm Stablecoin Venture
Bank of America, Citi and Goldman Sachs are among 21 banks and asset managers joining forces on a stablecoin venture, underscoring how traditional finance is moving deeper into blockchain-based payments. The proposed network is designed to serve wholesale, institutional and retail markets, with potential applications in cross-border transfers and digital-asset settlement, areas where banks see opportunities to reduce costs and processing times.
The consortium plans to launch a U.S. dollar stablecoin in the first half of 2027, before expanding into the euro and other Group of Seven currencies. The venture intends to support cross-border payments and digital-asset settlement while operating within applicable regulatory frameworks, including the European Union’s Markets in Crypto-Assets regulation, or MiCA. No issuance size, reserve structure or individual ownership stakes have been disclosed.
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The history behind this eventGlobal 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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