Major US Banks, Other Financial Groups Eye Establishing Stablecoin Enterprise in H2

MT Newswires Live

4 hours ago

Bank of America (BAC), Goldman Sachs (GS) and Citigroup (C) are among a group of 21 global financial institutions that plan to form a new company in H2 to support the issuance of a stablecoin solution, according to a Tuesday statement.

The new company is intended to operate worldwide, with initial plans to offer a US dollar-denominated stablecoin and then potentially expand to stablecoins denominated in additional G7 currencies, advisers Brunswick Group and Boston Consulting Group said.

The group also includes Wells Fargo (WFC), WisdomTree (WT), Banco Santander (SAN), Deutsche Bank (DB), UBS (UBS), Lloyds Banking Group (LYG), and PNC Financial Services Group (PNC).

The group is eyeing its stablecoin solution to go to market in H1 2027, according to the statement.

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