A group of 21 banks and financial firms, including Bank of America, Wells Fargo, Citigroup and Goldman Sachs, is preparing to launch a dollar stablecoin for cross-border business payments. The group plans to form a new company in the second half of 2026 and bring the token live in the first half of 2027.
Twenty-one banks and financial firms — including Bank of America, Wells Fargo, Citigroup and Goldman Sachs — are preparing to launch a dollar stablecoin for business payments across borders, according to the Wall Street Journal. The firms plan to form a new company in the second half of 2026 and aim to have the token live in the first half of 2027.
The stablecoin is meant to stay pegged to the U.S. dollar. The first customers are meant to be companies sending money overseas, and some regions may later offer it to regular customers. After the dollar version, the group wants tokens tied to other Group of Seven currencies, starting with the euro.
Deutsche Bank, Santander, UBS and Fidelity are also part of the group, along with banks in Canada, Japan, the Middle East and Africa.
Banks are treating the plan as a defense against independent stablecoins that could pull deposits and payment fees away from them. But JPMorgan Chase has looked at launching its own stablecoin, though those talks are early and it has no product in the works. Banks have also worked together on tokenized deposits, which represent regular bank deposits as digital tokens.
Source: The Daily Hodl
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