Citi, Goldman and 19 Other Financial Firms Commit to Issuing a Dollar Stablecoin

Twenty-one banks and asset managers said Tuesday that they will form a company to issue a dollar stablecoin, aiming to bring it to market in the first half of 2027. The institutions committed to setting the company up in the second half of this year, subject to closing conditions, and have not yet named it.

Citi, Goldman Sachs, Bank of America, Wells Fargo, Capital One, PNC Financial Services, Scotiabank and TD Bank Group make up the North American contingent, alongside asset managers Fidelity Investments and WisdomTree. Europe brings Deutsche Bank, UBS, Banco Santander, BBVA, Commerzbank, Crédit Agricole, Lloyds Banking Group and Rabobank. MUFG Bank, Sirius International Holding and Standard Bank complete the roster, listed by the group under East Asia, the Middle East and Africa respectively. Boston Consulting Group and Brunswick Group are advising.

The token would begin in dollars before expanding into other Group of Seven currencies, with a euro version treated as the priority. The group said in its release that it intends to be “GENIUS Act and MiCA-compliant, as applicable,” naming both the U.S. stablecoin law and the European Union’s crypto rulebook. Details such as the company structure and the blockchain the project will run on have yet to be released.

Citi, Bank of America and Wells Fargo also sit behind a tokenized deposit network that The Clearing House plans to run from the first half of 2027, an approach that keeps customer money inside insured bank deposits instead of a stablecoin reserve. More than 140 payments and technology companies, among them Coinbase, Visa and Stripe, lined up behind a separate consortium token called Open USD in June.

Whatever the group ships will arrive in a market two issuers already dominate. Tether’s USDT had roughly $183.3 billion in circulation on Tuesday, and Circle’s USDC about $73.6 billion.

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