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● TRACKER Updated 13d ago · 9 sources tracked

Citi, Goldman, other global banks and asset managers team up on stablecoin venture

A consortium of 21 major financial institutions, including Citi, Goldman Sachs, and Bank of America, is developing a regulated US dollar stablecoin for retail and institutional use. The group plans to issue the digital token in 2027. This venture marks a shift for traditional banks that previously opposed stablecoins but are now seeking a regulated entry into the crypto market. The initiative aims to compete with existing market leaders like Tether, which holds $180 billion in assets.

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  • ✓ A consortium of 21 banks is building a USD stablecoin for launch in 2027.
  • ✓ Goldman Sachs, Citi, and Bank of America are members of the stablecoin venture.
  • ✓ The digital token is intended for both institutional and retail use.
🛡️ Source Corroboration: 9 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Twenty-one banks including BBVA, Citi, and Goldman Sachs have formed a formal consortium to launch a regulated digital dollar.

Live updates

  1. Twenty-one global banks form consortium to launch USD stablecoin in 2027

    A consortium of 21 major financial institutions, including Citi, Goldman Sachs, and Bank of America, is developing a regulated US dollar stablecoin for retail and institutional use. The group plans to issue the digital token in 2027. This venture marks a shift for traditional banks that previously opposed stablecoins but are now seeking a regulated entry into the crypto market. The initiative aims to compete with existing market leaders like Tether, which holds $180 billion in assets.

    Why it matters

    The project is reportedly driven by the GENIUS Act. Banks are transitioning from resisting stablecoins to building their own to manage hybrid payment flows and tokenized deposits.

    What is confirmed

    • A consortium of 21 banks is building a USD stablecoin for launch in 2027.
    • Goldman Sachs, Citi, and Bank of America are members of the stablecoin venture.
    • The digital token is intended for both institutional and retail use.

    Still unconfirmed

    • The GENIUS Act is the primary reason 21 major banks are building a stablecoin.
    • BBVA is among the 21 financial institutions working on a stablecoin company for H2.

    What to watch next

    • Official announcement of the full 21-bank member list
    • Regulatory approval filings for the 2027 launch
    • Clarification on the specific impact of the GENIUS Act on the consortium
    Sources used for this update (10)
    1. Reuters — Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027
    2. WSJ — Exclusive | Banks Fought Against Stablecoins. Now They Are Considering Launching Their Own.
    3. CoinDesk — Citi, Goldman, other global banks and asset managers team up on stablecoin venture
    4. PYMNTS.com — How 21 Banks Changed the Conversation Around Stablecoins and Tokenized Deposits
    5. TradingView — BBVA Among 21 Financial Institutions Working On Stablecoin Company For H2
    6. forkast.news — 21 Major Banks Are Building a Stablecoin. The GENIUS Act Is Why.
    7. FTI Consulting — The Hidden Risks For Banks Building Hybrid Payment Flows
    8. TradingView — Bank of America Rises as 21 Banks Enter Stablecoins, Facing $180 Billion Tether
    9. Investopedia — Big Banks, Financial Giants Eye Crypto Market With Planned Stablecoin
    10. en.cryptonomist.ch — 21 Banks Including Citi and Goldman Sachs Form USD Stablecoin Consortium
    confidence 90%
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