21 international financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, and UBS, agreed to form a consortium to issue stablecoins. Its first product will be a U.S. dollar-denominated stablecoin, scheduled to launch in the first half of 2027.
According to a press release, the company will be formally established in the second half of 2026, subject to closing conditions. The project’s participants haven’t yet disclosed its name. The company plans to operate globally and will initially focus on issuing a U.S. dollar-denominated stablecoin.
The participants later plan to expand the range of digital assets with stablecoins denominated in other G7 currencies. A euro-denominated stablecoin will be the next priority.
The initiative brings together 21 financial institutions from North America, Europe, East Asia, the Middle East, and Africa:
- North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree;
- Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS;
- East Asia: MUFG Bank;
- Middle East: Sirius International Holding;
- Africa: Standard Bank.
The participants plan to combine digital asset technology with bank-grade compliance and risk management standards. In particular, the initiative will incorporate regulatory compliance, corporate governance, a robust distribution infrastructure, and institutional risk management mechanisms.
The stablecoin is intended for use across several segments of the financial market. Key use cases include:
- cross-border payments;
- digital asset settlements;
- transactions between financial institutions;
- services for institutional clients;
- payment solutions for the retail market.
The group expects to bring its first stablecoin to market in the first half of 2027.
The project followed an initiative announced in October 2025. At the time, a group of 10 banks said it was exploring the issuance of a form of digital money backed by reserves at a 1:1 ratio. The payment asset was intended to be available on public blockchain networks.
Since October 2025, the number of participants in the initiative has more than doubled, from 10 to 21 financial institutions. The project’s geographic reach also expanded to 5 major regions worldwide.
The organizers plan to ensure that the stablecoin complies with the U.S. GENIUS Act and the EU’s MiCA regulation, where applicable to the initiative.
