21 Wall Street firms plan stablecoin venture, setting sights on USDT and USDC
A group of 21 traditional financial institutions, including Goldman Sachs, Bank of America and Citi, plans to form a joint venture in the second half of 2026 to issue stablecoins, with a U.S. dollar product targeted for the first half of 2027. The announcement, released through Brunswick Group on Sept. 1, was followed by a 6.35% drop in Circle’s share price. The plan later calls for expansion into euro and other G7-currency stablecoins aimed at cross-border payments and digital asset settlement. The report also highlights a notable absence: JPMorgan was not part of the alliance, with the article pointing to the bank’s existing JPM Coin network as a likely reason. At the same time, the piece argues that compliance and brand strength alone may not be enough to break into crypto-native liquidity networks already dominated by Tether’s USDT and Circle’s USDC. It cites Societe Generale’s USDCV as a cautionary example, noting that the token’s circulation was only $12.6 million nearly a year after launch. The article further points to July 18, 2028, as a key date, when U.S. platforms are expected to clear out a batch of non-compliant stablecoins under the current regulatory timeline.
