Judge approves BofA's $72.5 million deal with Epstein victims

Bank of America, Goldman Sachs, Citi, and 18 other financial institutions plan to establish a joint venture to issue stablecoins, starting with a US dollar-pegged token in early 2027. The initiative aims to use the tokens for cross-border payments and digital asset settlements, subject to regulatory compliance.

Goldman Sachs, Bank of America, Citi, and Deutsche Bank are among 21 firms planning to launch a US dollar-pegged stablecoin in early 2027, expanding to other G7 currencies later. The group aims to compete with Qivalis, a consortium planning a euro-pegged stablecoin in 2026. Stablecoin demand remains low, with Tether dominating the market.

Bank of America (BAC) rose 0.6% to $62.295 as 21 banks, including Goldman Sachs and Citigroup, plan a joint stablecoin venture. They aim to launch a dollar-backed digital currency by mid-2027. BAC trades 15.34% above its GF Value estimate of $54.01, with Tether already dominating the market at $180 billion in circulation.

Twenty-one global financial institutions, including Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C), are forming a company to launch a regulated stablecoin. The initial focus is a U.S. dollar-denominated stablecoin, with plans to expand into other G7 currencies. The stablecoin is expected to launch in the first half of 2027 and will target wholesale, institutional, and retail markets for cross-border payments and digital asset settlements. The venture aims to comply with U.S. and EU

A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plan to create a company this year to issue a dollar-pegged cryptocurrency in early 2027, with potential expansion to other G7 currencies. The initiative aims to compete with existing stablecoin providers like Tether and Qivalis. However, demand for bank-issued stablecoins remains uncertain, with limited adoption observed so far.

Bank of America will pay $72.5 million to settle claims it aided Jeffrey Epstein's sex-trafficking. The bank denies wrongdoing, saying it provided routine services. The settlement follows similar payouts by JPMorgan Chase and Deutsche Bank.