21 FINANCIAL GIANTS ARE BUILDING THEIR OWN STABLECOIN Goldman Sachs, Bank of America, Citi and 18 others are forming a company to launch a dollar stablecoin in H1 2027. The euro is the next priority, with other G7 currencies planned after that. This is the banking system building the money layer itself.

21 major financial firms are teaming up to launch a dollar-denominated stablecoin venture in H1 2027, initially targeting commercial clients and cross-border payments. The 21 firms: • Bank of America • Capital One • Citigroup • Fidelity Investments • Goldman Sachs • PNC Financial Services • Scotiabank • TD Bank Group • Wells Fargo • WisdomTree • Banco Santander • BBVA • Commerzbank • Crédit Agricole • Deutsche Bank • Lloyds Banking Group • Rabobank • UBS • MUFG Bank • Sirius International Holding • Standard Bank The group plans to establish a separate company to operate the venture, starting with a U.S. dollar stablecoin before potentially expanding into other G7 currencies. JPMorgan $JPM is not part of the consortium and has separately explored launching its own stablecoin.

21 BANKS FORM CONSORTIUM TO LAUNCH A STABLECOIN IN FIRST HALF OF 2027 Bank of America $BAC, Citigroup $C and Goldman Sachs $GS are among the firms setting up a company to support the venture, per WSJ. The token will focus on commercial clients and launch dollar-denominated before expanding to other G7 currencies, though use cases could vary by region and include retail markets. North America: Bank of America $BAC, Capital One $COF, Citigroup $C, Fidelity Investments, Goldman Sachs $GS, PNC $PNC, Scotiabank $BNS, TD Bank Group $TD, Wells Fargo $WFC, WisdomTree $WT Europe: Banco Santander $SAN, BBVA $BBVA, Commerzbank, Crédit Agricole, Deutsche Bank $DB, Lloyds $LYG, Rabobank, UBS $UBS East Asia: MUFG Bank $MUFG Middle East: Sirius International Holding Africa: Standard Bank JPMorgan $JPM has separately evaluated launching its own stablecoin, though those discussions have been preliminary with no active product underway, per WSJ.

21 year old Mark Zuckerberg explains why he isn’t worried about competition from Google When asked if he was worried about Google eventually competing against Facebook in a 2005 guest lecture at Harvard, a 21 year old Mark Zuckerberg gave the following reply: “I think that one of the cool things about this time in technology is that individuals are leveraged and able to do way more than they had really ever been able to do before… Instead of worrying about who’s the big player and what Google is going to do next? You can just get a lot of stuff done.” He points out that Facebook was able to scale to 300,000 users and 400 million page views per day with just 50 people and servers that cost only $100 per month. Meanwhile Google was doing 250 million page views a day with hundreds of thousands of machines and 5,000 employees. Mark argues: “The most important thing is to have smart people. As technology becomes more generic and less expensive, the leverage point becomes the people.” Mark believed that if he could recruit more intelligent people, Google’s resource advantage wouldn’t matter. He also believed Facebook’s small size was an advantage: “When you’re a small company, then you can be really nimble and get a lot of stuff done, and there’s relatively little bureaucracy. So if you have smart people who can take advantage of that to build cool things, then that’s a [big advantage].” Source: @cs50 (Dec 2005)

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