Goldman Sachs, Bank of America Among Banks Planning Joint Dollar Stablecoin Launch
Twenty-one major global financial institutions have announced plans to launch a joint U.S. dollar stablecoin in the second half of 2026. The initiative is led by Goldman Sachs (GS), Bank of America (BAC), and Citi, with participation from banks across North America, Europe, East Asia, the Middle East, and Africa. Unlike central bank digital currencies (CBDCs), this stablecoin will be a private liability backed by reserves held by commercial institutions rather than being issued or guaranteed by the Federal Reserve. The project aligns with U.S. policy under President Donald Trump's 2025 executive order that banned federal CBDC development while encouraging support for privately-issued dollar-backed tokens. The stablecoin is intended to operate across wholesale, institutional, and retail markets, focusing initially on cross-border payments and digital asset settlement. A euro-denominated version will follow the U.S. coin. The venture aims to comply with regulatory frameworks such as the U.S. GENIUS Act and EU's MiCA framework. While JPMorgan is not part of this group despite earlier discussions, other initiatives like BankChain Alliance and Open USD are also shaping the evolving stablecoin landscape.
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Topics: banking consortiums cross-border payments digital currency stablecoins