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Twenty-one financial institutions, including Bank of America and Goldman Sachs, will form a stablecoin company by the end of 2026.

A consortium of 21 financial institutions, including Bank of America, Goldman Sachs, and Citi, announced a plan to establish a new company by the end of 2026 to support the issuance of a stablecoin solution. The initiative aims to provide a robust digital money option that combines bank-grade compliance and risk management for wholesale, institutional, and retail markets. The new company will first focus on a U.S. dollar-denominated stablecoin before expanding into other G7 currencies, specifically the euro. The project is expected to launch in the first half of 2027, just ahead of the effective date of the GENIUS Act. The consortium's product will be designed to comply with both the GENIUS Act and the EU's MiCA framework. Because these two regulatory frameworks have structurally incompatible reserve requirements, the consortium will maintain two separate legal entities and reserve pools to serve both markets. The announcement follows a period of intense competition in the stablecoin market. While the 21-bank consortium builds its shared solution, JPMorgan Chase is conducting a separate internal review to determine if it will issue its own stablecoin independently. Additionally, the BankChain Alliance, a group of 39 US state banking associations, is developing a bank-owned blockchain platform for tokenized deposits and stablecoins, also targeting a 2027 launch.

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