Citi, Goldman, other global banks and asset managers team up on stablecoin venture
A global consortium of major financial institutions, including Citi, Goldman Sachs, and Fidelity, is developing a new stablecoin venture. The project aims to launch a U.S. dollar-backed token by 2027, with plans to expand into other major currencies while adhering to international regulatory frameworks.
Why it matters
The entry of traditional global banking giants into the stablecoin market signals a significant shift toward institutional adoption of blockchain-based digital payments.
The company, which is yet to be named, is expected to be established in the second half of the year, subject to closing conditions, the group said in a press release.
The venture plans to start with a U.S. dollar-denominated stablecoin and bring the product to market in the first half of 2027. It aims to add stablecoins tied to other Group of Seven currencies later, with a euro-denominated token being a priority.
The project grew from an initiative announced in October 2025, when 10 banks said they were exploring a digital payment asset backed one-for-one by reserves and available on public blockchains.
Participants now span North America, Europe, East Asia, the Middle East and Africa. They include Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank and Standard Bank, alongside other banks and investment firms, the press release said.
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