Citi, Goldman and 19 Rivals Line Up Behind One Dollar Stablecoin

Twenty-one banks commit to a shared stablecoin company

Twenty-one financial institutions announced on 1 September 2026 that they had committed to establish a new company to support issuing a stablecoin. The group includes Bank of America, Citi, Goldman Sachs and UBS. Other backers are Wells Fargo, Capital One, PNC Financial Services, Deutsche Bank and Santander. The list also features MUFG Bank, Standard Bank, TD Bank Group, Scotiabank, BBVA, Commerzbank, Crédit Agricole, Lloyds Banking Group, Rabobank and Sirius International Holding. Asset managers, including Fidelity Investments and WisdomTree, joined the banks in the group. The participants are headquartered across North America, Europe, East Asia, the Middle East and Africa. They plan to form the company in the second half of 2026, subject to closing conditions. The venture's name will be announced later.

The dollar token targets a first-half 2027 launch

The venture plans to start with a US dollar-denominated stablecoin. The company intends to operate globally, the group said. It aims to bring the product to market in the first half of 2027. The token would serve wholesale, institutional and retail markets. Its intended uses include cross-border payments and digital asset settlement. The institutions said they want to combine bank-grade compliance, governance and risk management in one trusted form of digital money. They also expect to add tokens tied to other Group of Seven (G7) currencies later. A euro-denominated stablecoin is the next stated priority after the dollar launch.

The project grew from a 2025 ten-bank group

The initiative builds on an October 2025 announcement. At that time, an initial group of ten banks said they were exploring a digital payment asset backed one-for-one by reserves. That asset would be available on public blockchains. The consortium has since more than doubled in size. It now spans five regions across the world.

The group plans GENIUS Act and MiCA compliance

The institutions said the venture intends to meet the US GENIUS Act and the European Union's Markets in Crypto-Assets (MiCA) framework, where applicable. The GENIUS Act was signed into law in July 2025. It created the first federal rules for US dollar stablecoin issuers. The law requires full reserve backing and regular public disclosures. It also bars issuers from claiming that their tokens carry US government backing. MiCA has applied to stablecoin issuers in the European Union since 2024.

Tether and USDC still lead the stablecoin market

The new company would enter a market led by two US dollar tokens. Tether's USDT held a market value near $183 billion on 2 September 2026. Circle's USDC stood at about $73.6 billion (CoinPaprika, 2 September 2026). Tether ranks as the third-largest cryptocurrency, and USDC the sixth. USDT accounts for about 60% of all stablecoins in circulation, while USDC holds more than 20%. The wider stablecoin market has grown from around $200 billion at the start of 2025 to about $303 billion, according to DeFiLlama data. That is an increase of more than 50% in under two years.

Circle shares fell as new stablecoin rivals emerged

Circle's shares fell about 6% during Tuesday's session, underperforming most crypto-linked shares, according to CoinDesk. The company issues USDC, the second-largest stablecoin by market value. In June 2026, more than 140 companies, including Visa, Mastercard and BlackRock, announced a rival network called Open USD, CoinDesk reported. A separate group of 37 financial institutions is also working on a euro stablecoin, Reuters reported. The bank-led venture adds another competitor to a crowded US dollar stablecoin market.

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