Bank of America, Citigroup and Goldman Sachs are among a group of nearly two dozen firms teaming up to jump into the world of stablecoins, or digital tokens that can be used for cross-border transactions. The Wall Street Journal reported last week that banks have shifted to a more defensive strategy on stablecoins, with some executives worried the tokens could rise in popularity and encroach on their businesses. Their coming stablecoin effort is intended to focus on commercial clients, the Journal reported, though use cases could vary by region and include retail markets. It will be dollar-denominated before expanding to other Group of Seven currencies.

Full report : A consortium of 21 banks, including Bank of America, Citigroup, and Goldman Sachs, plans to establish a company and launch its stablecoin venture in H1 2027.