Goldman Sachs, BofA, and Citi to Collaborate on Stablecoin Launch

Goldman Sachs has joined a 21-member consortium to launch a USD stablecoin company, targeting a 2027 rollout for cross-border payments and digital asset settlements, with euro issuance planned later. The bank also reported that global private credit fundraising reached $33B in Q3, with institutional funds making up over 85% of private credit AUM, according to Reuters.

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.

Foreign investors, including Goldman Sachs and Blackstone, are capitalizing on Korea's hotel boom driven by a surge in tourists. They are acquiring and rebranding three- and four-star hotels, with transactions reaching 1.1 trillion won in the first half of the year. The average daily rate for three-star hotels rose 69% from 2020 to 127,331 won in 2024, according to the Korea Hotel Association.

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.