Citi and Goldman Launch Stablecoin Venture With 21 Banks
The group wants to launch a dollar stablecoin first and later a euro token as well, including under MiCA and the U.S. GENIUS Act.
Key Takeaways
- A group of 21 financial institutions wants to set up a company together that issues stablecoins for payments and digital asset settlement.
- The first step is a dollar stablecoin, planned for the first half of 2027; after that, the group wants to add stablecoins for other G7 currencies.
- The group says it wants to comply with the U.S. GENIUS Act and the European MiCA framework, with a euro token as the top priority for expansion.
A group of 21 financial institutions, including Bank of America, Citi, Goldman Sachs, and UBS, wants to set up a company together that issues stablecoins for payments and settlement of digital assets. The company does not have a name yet and is supposed to be formed in the second half of this year, if closing conditions are met.
Start With a Dollar Stablecoin
The first step is a stablecoin pegged to the U.S. dollar. It is supposed to hit the market in the first half of 2027. After that, the group also wants to add stablecoins for other G7 currencies, with a euro token as a priority for expansion.
The initiative has grown since October 2025, when ten banks already said they were exploring a digital payment method backed one-to-one by reserves and available on public blockchains. By now, participants also include firms from North America, Europe, East Asia, the Middle East, and Africa, including Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank, and Standard Bank.
Market Is Growing Fast
The move comes at a time when the stablecoin market keeps growing quickly. Total market cap rose from about $200 billion (€173 billion) at the start of last year to around $303 billion (€261 billion) at the time of publication. Even so, the market remains highly concentrated: Tether's USDT holds about 60% of the total market, and USDC is number two with more than 20%.
For European crypto readers, the key point is that the group says it wants to comply with the U.S. GENIUS Act and the European MiCA framework. Since MiCA took effect, euro-backed stablecoins have become more part of the regular financial system, while in the U.S. a federal framework for payment stablecoins has emerged. That lines up with the recent rollout of a euro token by Revolut, which shows that European stablecoins are already clearly gaining ground under MiCA.
Why This Matters in Europe
If major banks and asset managers want to issue stablecoins together, it shows that payments and settlement with crypto are moving closer to the traditional financial sector. For European firms, the planned euro token is especially relevant because it could fit with EU rules and payment infrastructure. That could make the project interesting for institutions that already work with digital settlement or want to connect to it later.
