Banco Santander partners with Goldman Sachs and Bank of America on reserve-backed token.
Banco Santander agreed on 1 September 2026 to form a joint venture with 20 other financial institutions to issue a regulated US dollar-pegged stablecoin. The coalition includes major global lenders such as Goldman Sachs and Bank of America.
The planned digital currency will maintain a 1:1 reserve backing ratio. The overall consortium consists of 21 institutions, comprising 18 banks alongside 3 asset managers and non-bank entities.
The initiative expands upon an exploratory group originally announced in October 2025. That preliminary phase involved 10 international banks assessing digital money concepts. From that initial group, 8 banks chose to continue into the active venture, while 2 banks opted not to proceed. A total of 13 new institutions joined the alliance to complete the current partnership.
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