Crypto Africa: Standard Bank Partners With Goldman Sachs and Citi to Launch Dollar Stablecoin

Standard Bank is joining 20 major international financial institutions to develop a stablecoin backed by the US dollar. Africa’s largest bank by assets will be the continent’s only member of the consortium, which also includes Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank and UBS. Launch targeted for the first half of 2027.

Crypto Africa: Standard Bank Takes the Next Step

In 2023, Standard Bank was still talking about becoming a “fast follower” in crypto. Three years later, the bank is no longer simply watching from the sidelines. The decision extends its recent push into digital payments, blockchain and stablecoins in Africa.

The group of 21 institutions plans to create a new company in the second half of 2026. The dollar stablecoin is then expected to launch during the first six months of 2027, subject to the final regulatory and commercial conditions.

Standard Bank is joining a heavyweight list: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, Santander, BBVA, Deutsche Bank, Crédit Agricole, UBS and MUFG Bank, among others.

The consortium’s official announcement also provides for other stablecoins denominated in G7 currencies. The euro would be next on the list.

Africa therefore has a seat at the table. Just one.

The Digital Dollar Is Coming to Banks

The future token is expected to operate on public blockchains and be backed by reserves. The banks are targeting cross-border payments, the settlement of digital assets, and certain institutional, commercial and even retail use cases.

This is precisely the area where stablecoins are already advancing rapidly in African payments.

This time, the difference lies with the issuer.

Until now, Africa has mainly used digital dollars issued by foreign crypto companies such as Tether with USDT and Circle with USDC. The new project places major global banks directly in the issuance and distribution chain.

The consortium promises compliance with the US GENIUS Act and Europe’s MiCA framework wherever those regimes apply.

For Standard Bank, the appeal is clear. The group operates in more than 20 African markets and already has significant cross-border payments infrastructure.

Connecting a bank-issued stablecoin to that distribution network could change the scale of operations.

Banks No Longer Want to Leave the Field to Tether

The market nevertheless remains largely dominated by crypto players. Tether alone accounts for more than $180 billion in stablecoins in circulation, while USDT and USDC command most of the global market.

The banks have understood the message.

Stablecoins and public blockchains are beginning to threaten part of their traditional business: international settlement, foreign exchange, treasury management and transfers. Building their own infrastructure allows them to reclaim some of that value without giving up regulatory control, KYC procedures or reserve management.

In South Africa, Bitcoin and stablecoin payments have already jumped 176% year-on-year. Standard Bank is therefore entering a market that no longer waits for banks to develop.

Its entry into this consortium nevertheless marks a different stage. Crypto Africa is no longer being built solely by exchanges, fintechs and blockchain startups. Major African banks are also beginning to build the rails.

And this time, Standard Bank wants to be in the lead group.