The world's largest financial conglomerates are planning a joint issuance of stablecoins. Bank of America and Goldman Sachs have backed the initiative. Major bank Citi has also joined the new project. Eighteen other financial organizations have agreed to establish a joint venture. The first product will be a dollar-pegged digital token. Participants plan to incorporate the new company in the second half of the year. The launch is expected upon the fulfillment of all closing conditions. The exact name of the joint venture remains strictly confidential for now.
The initiative includes many well-known American financial giants. Among them are Capital One and major bank Wells Fargo. Investment firm Fidelity Investments has also backed the project. Canadian banks Scotiabank and TD Bank Group have joined. PNC Financial Services and WisdomTree have entered the consortium. European banks Santander and BBVA have supported the new initiative. Germany's Commerzbank and France's Crédit Agricole have become participants. Major Deutsche Bank has also joined the important initiative. Britain's Lloyds Banking Group and the Netherlands' Rabobank have signed on. Switzerland's UBS and Japan's MUFG Bank have backed the project. Sirius International Holding and Standard Bank round out the list.
The launch of the dollar digital token is expected in the first half of the year. The release will take place in the first half of the next calendar year. The group intends to expand the lineup to include other currencies. The euro has been named the top priority for the project's next development stage. The tokens will be used for international cross-border monetary payments. They will also be suitable for settlements involving various digital assets. Developers plan to deploy them in the wholesale financial market. Institutional and retail clients will also gain access to the new instrument.
The initiative must comply with the strict requirements of the American GENIUS Act. The European MiCA regulation will also be fully taken into account by the developers. Goldman Sachs representatives discussed the idea back in 2022. The organization explored the possibility of creating its own token with partners. At the time, the bank had no plans to launch a product in the near term. The first official project announcement came only three years later. The specific base network for the future asset has not yet been named. The reserve structure and redemption mechanism remain unknown details. The governance structure of the new issuer also remains undisclosed.
In May, the European project Qivalis significantly expanded its base. The number of consortium participants grew to thirty-seven financial institutions. This alliance is preparing a regulated euro-pegged token. Traditional banks are actively entering the market for digital financial instruments. The largest players are creating serious competition for existing crypto companies.