Twenty-one of the world's largest financial institutions committed Tuesday to form a company that will issue a U.S. dollar stablecoin. Goldman Sachs, Bank of America, and Citi anchor the group, according to a joint statement. The company has no name yet, with formation planned for the second half of 2026, subject to closing conditions.
The consortium has more than doubled since an initial 10-bank exploration announced in October 2025. Members span North America, Europe, East Asia, the Middle East, and Africa.
The North American members include Goldman Sachs, Bank of America, Citi, Capital One, Fidelity Investments, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree. European participants are Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS. MUFG Bank, Sirius International Holding, and Standard Bank represent East Asia, the Middle East, and Africa.
Private Alternative to Central Bank Digital Currency
The stablecoin will be a private liability of a commercial company, backed by reserves the banks hold themselves, rather than a central bank digital currency (CBDC) issued directly by the Federal Reserve. In January 2025, President Donald Trump signed an executive order directing the government to support private, dollar-pegged stablecoins instead of developing a federal CBDC.
Planned Applications and Expansion
The banks intend the token for use across wholesale, institutional, and retail markets, with cross-border payments and digital asset settlement as initial applications. Following the U.S. dollar stablecoin launch, a euro-denominated version is planned, ahead of other G7 currencies.
The venture is designed to comply with the U.S. GENIUS Act and the European Union's MiCA framework where applicable.
Market Competition
Circle's stock fell roughly 6% Tuesday as investors priced in fresh bank-backed competition for USDC. In June, distribution partners including Visa, Mastercard, and Stripe backed Open USD, a rival stablecoin.
Boston Consulting Group and Brunswick Group are advising the venture, though both firms state they have no authority to bind the consortium or its members.
