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A 21-bank consortium that includes Goldman Sachs (GS), Bank of America (BAC), Citi (C), Wells Fargo (WFC), Deutsche Bank (DB), UBS (UBS), and Fidelity Investments published plans on Sept.
dollar-backed stablecoin by the first half of 2027. The group plans to form a new company in the second half of 2026.
Circle Internet Group (NASDAQ: CRCL), the issuer of USDC, and Tether (USDT) are now facing the most institutionally scaled competition to enter the market since either product launched.
The consortium started as 10 institutions when the project was announced last October. It has more than doubled to 21 members spanning North America, Europe, Asia, the Middle East, and Africa.
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