BusinessQuiet 72d · day 74
21 banks including BofA, Citi and Goldman plan joint stablecoin venture
A consortium of major banks says it will form a company to launch a stablecoin, aiming to fend off competition from crypto-native digital assets.
What to know
- 21 financial institutions, including Bank of America, Citigroup and Goldman Sachs, plan to jointly form a company to issue a stablecoin.
- The venture is framed as a defensive move to protect traditional banks from competition posed by existing digital-asset and stablecoin issuers.
- Launch is targeted for the first half of 2027, giving the banks over a year to establish the joint company and infrastructure.
Bank of America Consortium member bankCitigroup Consortium member bankGoldman Sachs Consortium member bank
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