Bank of America, Citi, and Goldman Sachs are among 21 major financial institutions preparing to establish a new company focused on stablecoin issuance, marking a notable expansion by traditional banks and financial firms into digital dollar infrastructure.

According to information published by WuBlockchain, the group plans to establish the company in the second half of 2026 and launch a U.S. dollar-denominated stablecoin in the first half of 2027. Additional G7 currencies are expected to follow, with the euro identified as a priority.

21 Financial Institutions Back New Stablecoin Company

The group includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Fidelity Investments, Wells Fargo, and MUFG, along with other major financial institutions.

The planned stablecoin is intended to serve wholesale, institutional, and retail use cases. Proposed applications include cross-border payments and digital asset settlement, areas where financial institutions have increasingly explored blockchain-based infrastructure to improve the movement and settlement of value.

The initiative also reflects rising institutional interest in stablecoins as regulated payment and settlement instruments rather than solely as tools within cryptocurrency markets.

The participating institutions intend for the stablecoin to comply with applicable regulatory requirements, including the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets (MiCA) framework where applicable.

Stablecoin Plans Target Cross-Border Payments

The proposed launch comes as regulators and financial institutions place greater emphasis on establishing formal rules for dollar-backed digital assets. Compliance with U.S. and European regulatory frameworks may be especially important for a project designed to operate across multiple markets and currency systems, since stablecoins used for payments and settlement can depend on clear operational and legal standards.

The decision to begin with a U.S. dollar stablecoin also positions the initiative around one of the most widely used currencies in global finance. Planned expansion into additional G7 currencies, with the euro prioritized, would extend the project beyond a single-currency settlement network.

For the crypto industry, participation by major banks, asset managers, and global financial institutions could increase competition for existing stablecoin issuers while accelerating institutional adoption of blockchain-based settlement infrastructure. The timeline now puts the formation of the new company in the second half of 2026 and the targeted launch of the U.S. dollar stablecoin in the first half of 2027.