Banking Giants Including BofA and Goldman Explore Joint Stablecoin Venture

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A consortium of the world’s most powerful financial institutions, including Bank of America, Goldman Sachs, and Citi, is jointly exploring the creation of a bank-issued stablecoin.

In a statement released Friday, the group—which also includes BNP Paribas, Banco Santander, Barclays, Deutsche Bank, MUFG, TD Bank, and UBS—said it is investigating the issuance of a “1:1 reserve-backed form of digital money” for use on public blockchains, focusing on G7 currencies.

While carefully avoiding the term “stablecoin,” the initiative’s goal is to determine if an industry-wide offering can leverage the benefits of digital assets while ensuring full regulatory compliance.

This move signals a major push by traditional finance to compete in a market currently dominated by crypto-native firms like Circle and Tether. The exploration comes as new US legislation has provided banks with greater regulatory clarity for issuing digital payment assets.