A group of 21 banks and financial firms including Bank of America, Wells Fargo, Citigroup and Goldman Sachs are preparing to launch a dollar stablecoin for business payments across borders.
The firms say they will form a new company in the second half of 2026 and aim to have the token live in the first half of 2027, reports the Wall Street Journal.
Stablecoin are digital tokens meant to stay pegged to a currency, in this case the U.S. dollar.
The first customers are meant to be companies sending money overseas. Some regions may later offer it to regular customers. After the dollar version, the group wants tokens tied to other Group of Seven currencies, with the euro first.
Deutsche Bank, Santander, UBS and Fidelity are also in the group, along with banks in Canada, Japan, the Middle East and Africa.
Banks are treating this as a defense against independent stablecoins that could pull deposits and payment fees away from them.
JPMorgan Chase has looked at launching its own stablecoin. Those talks are early, and it has no product in the works. Banks have also worked together on tokenized deposits, which are regular bank deposits represented as digital tokens.
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