{"id":"1793929496856-money-segment","slug":"banks-plan-their-own-dollar-stablecoin","title":"Banks plan their own dollar stablecoin","summary":"Twenty-one financial institutions, including Bank of America, Citi, Goldman Sachs, Wells Fargo and Deutsche Bank, announced on September 1, 2026, that they will establish a company in the second half of 2026 to issue a U.S.-dollar stablecoin, with a market launch targeted for the first half of 2027. The consortium was first announced in October 2025 with 10 banks. The new stablecoin plan is intended to be GENIUS Act- and MiCA-compliant, with initial focus on a USD stablecoin and later expansion to euro and other G7 currencies. The company and token names were not disclosed.\n\nThe banks are responding to the growth of stablecoins and the risk that deposits and payment activity migrate away from traditional banks. BofA CEO Brian Moynihan has warned that roughly 30%-35% of U.S. commercial bank deposits — as much as $6 trillion — could move into stablecoins. The Wall Street Journal reported banks have shifted to a defensive strategy, with executives worried the tokens could encroach on their businesses. Rather than leave the field to issuers like Circle or Tether, the banks want a bank-grade, reserve-backed dollar token.\n\nOn September 1, 2026, 21 financial institutions — including Citigroup, Wells Fargo, Deutsche Bank, Bank of America, and Goldman Sachs — announced plans to establish a company in the second half of 2026 to issue a U.S.-dollar stablecoin, targeting a first-half 2027 launch. The group plans to be GENIUS Act- and MiCA-compliant and later expand to euro and other G7 currencies.\n\nCNBC reported on November 5, 2026, that the Nasdaq Composite had fallen into correction territory — typically a decline of about 10% from a recent high.\n\nCNBC reported that Democratic winners and progressive lawmakers, after the 2026 midterm elections, called for tougher limits on AI and data centers, including a “national data center moratorium.”\n\nCNBC reported that Richmond Fed President Tom Barkin said he sees interest-rate hikes ahead at a gradual pace, citing inflation concerns.","publishedAt":"2026-11-06T01:44:56.856Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Money Tonight","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: On September 1, 2026, 21 financial institutions — including Citigroup, Wells Fargo, Deutsche Bank, Bank of America, and Goldman Sachs — announced plans to establish a company in the second half of 2026 to issue a U.S.-dollar stablecoin, targeting a first-half 2027 launch. The group plans to be GENIUS Act- and MiCA-compliant and later expand to euro and other G7 currencies.\nSource: [newsroom.wf.com](https://newsroom.wf.com/news-releases/news-details/2026/Group-of-leading-international-financial-institutions-to-establish-stablecoin-enterpri (https://x.com/JasonBassler1/status/2117710655923077277)\n\nTRUE: CNBC reported on November 5, 2026, that the Nasdaq Composite had fallen into correction territory — typically a decline of about 10% from a recent high.\nSource: [cnbc.com](https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html) NAMES: (none) (https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html)\n\nTRUE: CNBC reported that Democratic winners and progressive lawmakers, after the 2026 midterm elections, called for tougher limits on AI and data centers, including a “national data center moratorium.”\nSource: [cnbc.com](https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html) NAMES: (none) (https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html)\n\nTRUE: CNBC reported that Richmond Fed President Tom Barkin said he sees interest-rate hikes ahead at a gradual pace, citing inflation concerns.\nSource: [cnbc.com](https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html) NAMES: Barkin = Tom Barkin, president of the Federa (https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html)","claims":[{"verdict":"TRUE","summary":"On September 1, 2026, 21 financial institutions — including Citigroup, Wells Fargo, Deutsche Bank, Bank of America, and Goldman Sachs — announced plans to establish a company in the second half of 2026 to issue a U.S.-dollar stablecoin, targeting a first-half 2027 launch. The group plans to be GENIUS Act- and MiCA-compliant and later expand to euro and other G7 currencies.","sourceName":"[newsroom.wf.com](https://newsroom.wf.com/news-releases/news-details/2026/Group-of-leading-international-financial-institutions-to-establish-stablecoin-enterpri","sourceUrl":"https://x.com/JasonBassler1/status/2117710655923077277","claim":"🚨 Wall Street's next power grab? 21 major financial institutions plan to launch a jointly issued U.S. dollar stablecoin in the first half of 2027. -Citi bank -Wells Fargo -Deutsche Bank -Bank of America -Goldman Sachs Same gatekeepers. New stablecoin. What could go wrong? https:","author":"Jason Bassler (@JasonBassler1)"},{"verdict":"TRUE","summary":"CNBC reported on November 5, 2026, that the Nasdaq Composite had fallen into correction territory — typically a decline of about 10% from a recent high.","sourceName":"[cnbc.com](https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html) NAMES: (none)","sourceUrl":"https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html","claim":"Nasdaq drops into correction territory — here’s what typically happens next - Nasdaq’s slide into correction territory puts its history of recoveries in focus. Here's what history shows.","author":"CNBC"},{"verdict":"TRUE","summary":"CNBC reported that Democratic winners and progressive lawmakers, after the 2026 midterm elections, called for tougher limits on AI and data centers, including a “national data center moratorium.”","sourceName":"[cnbc.com](https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html) NAMES: (none)","sourceUrl":"https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html","claim":"Top Democrats call to rein in AI buildout after midterms sweep: 'National data center moratorium now' - Democratic winners and progressive lawmakers are calling for tougher limits on AI and data centers after the 2026 midterm elections.","author":"CNBC"},{"verdict":"TRUE","summary":"CNBC reported that Richmond Fed President Tom Barkin said he sees interest-rate hikes ahead at a gradual pace, citing inflation concerns.","sourceName":"[cnbc.com](https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html) NAMES: Barkin = Tom Barkin, president of the Federa","sourceUrl":"https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html","claim":"Barkin sees interest rate hikes ahead, but at a gradual pace - In a CNBC interview, the policymaker expressed concern over inflation and said monetary policy will need to adjust.","author":"CNBC"}]},"sources":[{"url":"https://x.com/JasonBassler1/status/2117710655923077277","name":"[newsroom.wf.com](https://newsroom.wf.com/news-releases/news-details/2026/Group-of-leading-international-financial-institutions-to-establish-stablecoin-enterpri","kind":"x","verdict":"TRUE","author":"Jason Bassler (@JasonBassler1)"},{"url":"https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html","name":"[cnbc.com](https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html) NAMES: (none)","kind":"news","verdict":"TRUE","author":"CNBC"},{"url":"https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html","name":"[cnbc.com](https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html) NAMES: (none)","kind":"news","verdict":"TRUE","author":"CNBC"},{"url":"https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html","name":"[cnbc.com](https://www.cnbc.com/2026/11/05/barkin-sees-interest-rate-hikes-ahead-but-at-a-gradual-pace.html) NAMES: Barkin = Tom Barkin, president of the Federa","kind":"news","verdict":"TRUE","author":"CNBC"}],"url":"https://oncast.fm/story/1793929496856-money-segment-banks-plan-their-own-dollar-stablecoin","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1793929496856-money-segment-banks-plan-their-own-dollar-stablecoin","cite":"Cite https://oncast.fm/story/1793929496856-money-segment-banks-plan-their-own-dollar-stablecoin and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"Wall Street's biggest banks just said they're launching their own digital dollar."},{"host":"Bill","text":"The same banks that spent years keeping crypto at arm's length?"},{"host":"Adam","text":"Jason Bassler posted it on X. He says twenty-one banks are behind this."},{"host":"Bill","text":"Which ones?"},{"host":"Adam","text":"Citi, Wells Fargo, Deutsche, Bank of America, Goldman."},{"host":"Bill","text":"Twenty-one banks, one coin. This should go great."},{"host":"Adam","text":"His punchline is exactly that: \"Same gatekeepers. New stablecoin. What could go wrong?\""},{"host":"Bill","text":"He's not wrong."},{"host":"Adam","text":"The thing is, this isn't new. The group announced the plan back in September."},{"host":"Bill","text":"Right. Launch is targeted for the first half of twenty twenty-seven."},{"host":"Adam","text":"So why's it everywhere tonight?"},{"host":"Bill","text":"Because people just realized what's at stake. Bank of America's CEO says up to six trillion dollars in deposits could move into stablecoins."},{"host":"Adam","text":"Six trillion. That's a lot of money leaving the building."},{"host":"Bill","text":"That's not a threat. That's a slow bank run."},{"host":"Adam","text":"So banks are building their own token to keep the money at home."},{"host":"Bill","text":"A compliant, reserve-backed dollar token. They don't want to hand the field to Circle and Tether."},{"host":"Adam","text":"But what's the product? They haven't even named the company or the token."},{"host":"Bill","text":"They named the plan: dollar first, then euro and other G7 currencies."},{"host":"Adam","text":"Andrew Samu at Disruption Banking called it a crowded trade."},{"host":"Adam","text":"He says until there's a company, a blockchain, and a token, \"this is still just a press release.\""},{"host":"Bill","text":"Oh, come on. Twenty-one banks aligning with the Genius Act and Europe's MiCA rules is not a press release."},{"host":"Adam","text":"It's also a defensive cartel. Same gatekeepers, new wrapper."},{"host":"Bill","text":"No, no wait— that's exactly why it matters. The gatekeepers have the reserves and the payment rails."},{"host":"Adam","text":"They also have the legacy costs that pushed people toward stablecoins in the first place."},{"host":"Bill","text":"But if they don't do this, deposits leave anyway. The dollar loses ground to tokens nobody regulates."},{"host":"Adam","text":"I care about dollar dominance too. But wanting a thing isn't shipping it."},{"host":"Bill","text":"They're building the company now. The token comes after."},{"host":"Adam","text":"Then name the token. Name the chain. Until then it's a strategy memo with banks attached."},{"host":"Bill","text":"Here's the tell. JPMorgan isn't in the group. Spokesperson says no current plans."},{"host":"Adam","text":"Because JPMorgan has the tech to go alone."},{"host":"Bill","text":"The other twenty-one need a shared utility."},{"host":"Adam","text":"Or they need someone to share the blame if it flops."},{"host":"Bill","text":"Maybe. But a shared bank token beats a hundred little bank tokens."},{"host":"Adam","text":"Fine, I'll give you late. But late beats absent."},{"host":"Bill","text":"There's the Adam I know."},{"host":"Bill","text":"Meanwhile, Wall Street is still writing price targets for Amazon."},{"host":"Adam","text":"Of course it is."},{"host":"Bill","text":"Ashton Invests posted a list on X."},{"host":"Bill","text":"The account says Goldman at three seventy, JPMorgan at three sixty-five, UBS at three fifty-two."},{"host":"Adam","text":"Those are claims, not confirmed numbers."},{"host":"Bill","text":"Right. The more interesting claim is that AWS growth is accelerating."},{"host":"Adam","text":"That's the one I'd want backed up. The rest is basically sentiment."},{"host":"Bill","text":"Analysts chase after earnings."},{"host":"Adam","text":"Price targets are opinions with a decimal point."},{"host":"Bill","text":"And three opinions in a row."},{"host":"Adam","text":"It tells you the mood, not the future."},{"host":"Bill","text":"Mood can move money, though."},{"host":"Adam","text":"Mood moves money until the facts show up."}]}