A consortium of 21 international financial firms, including Bank of America, Citi and Goldman Sachs, plans to launch a 100% USD-backed stablecoin solution by the first half of 2027. The product will be deployed on public blockchains and target wholesale, institutional and retail markets, particularly for cross-border payments and digital asset settlements. Expansion to other G7 currencies is planned, with the euro as a priority. The firm managing the stablecoin will be announced in the second half of 2026. This initiative represents a notable strategic reversal for major banks that had previously opposed retail stablecoins and the CLARITY Act, preferring tokenized deposits aligned with their fractional reserve banking model.
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