21 major financial institutions are joining forces to enter the stablecoin race and will be using a public blockchain instead of building in their own walled garden
"Citi, Goldman, other global banks, and asset managers team up on stablecoin venture. This is 21 major financial institutions committing to establishing a new stablecoin company during the second half of 2026, subject to closing conditions. This is Bank of America, Capital One, Citi, Goldman, Wells Fargo, Fidelity, WisdomTree, Deutsche Bank, Santander, UBS, MUFG, and more."
"This was announced at the end of last year, that there were 10 of them looking at potentially maybe considering the chance that they would do something. Well, now we have a firm date and a firm plan, and that has increased from 10 to 21 institutions. They're saying that they will have a dollar-denominated stablecoin by the beginning of 2027, and that a euro stablecoin is the next priority, with additional G7 currencies potentially following."
"The potential use cases they've floated are cross-border payments, asset settlement, wholesale and institutional transactions, but importantly, potential retail payments, which also was not in the initial proposal."
"I also found it very, very good news that the tokens are intended to operate on public blockchains rather than exclusively inside a private bank network."
"They have not announced what public blockchains that will be, but I can assure you that when they do, that will be extremely bullish for the underlying tokens. It's big news that it is not going to be behind a walled garden."