Wells, BofA, Citi back upcoming stablecoin

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    "url": "https://www.bankingdive.com/news/bofa-wells-fargo-citi-back-upcoming-stablecoin-goldman-pnc-capital-one/829318/",
    "title": "Wells, BofA, Citi back upcoming stablecoin",
    "author": "Dan Ennis",
    "excerpt": "Goldman Sachs, PNC and Capital One are also among 21 financial institutions partnering on an asset expected to go to market early next year. Six of the largest U.S. banks are among 21 financial institutions that announced Tuesday their backing of a company, to be established by the end of this year, “to support the issuance of a stablecoin solution.” Bank of America, Citi, Capital One, Goldman Sachs, PNC and Wells Fargo are backing the solution, expected to go to market in the first half of 2027. Other banks committed to the project include TD, Scotiabank, UBS, Santander, BBVA, Deutsche Bank, Commerzbank, Lloyds, Crédit Agricole, Rabobank and MUFG, according to a Tuesday release posted on Wells Fargo’s website. The initiative will first focus on a U.S. dollar‑denominated stablecoin before expanding into stablecoins denominated in other G7 currencies, with emphasis on the euro, according to the announcement, which added that the new company’s name will be announced “in due course.” The initiative aims “to offer a safe, robust and trusted solution that combines bank‑grade compliance, strong governance, distribution and institutional risk management,” according to the announcement. Use cases will include “wholesale, institutional and retail markets where client benefits can be achieved by utilizing a trusted form of digital money, including cross-border payments and digital asset...",
    "product": "stablecoin solution",
    "summary": "PNC is one of 21 financial institutions backing a new company to support the issuance of a stablecoin solution, expected to go to market in the first half of 2027.",
    "location": "United States",
    "planning": true,
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    "published_at": "2026-09-01T16:22:57Z",
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        "country": "United States",
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    "article_sentence": "Bank of America, Citi, Capital One, Goldman Sachs, PNC and Wells Fargo are backing the solution, expected to go to market in the first half of 2027."
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  -H "Content-Type: application/json" \
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