Twenty-one global financial institutions have committed to establish a new company in the second half of 2026 to issue a U.S. dollar-denominated stablecoin, with the product targeted for launch in the first half of 2027.
The group includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo and Fidelity Investments, alongside major banking and investment groups across North America, Europe, Asia, the Middle East and Africa. The new company will operate globally, starting with a USD-denominated stablecoin before expanding into other G7 currencies, with a euro product identified as the next priority.
Banks Target Payments and Digital Asset Settlement
The stablecoin is being developed for wholesale, institutional and retail markets, with cross-border payments and digital asset settlement among its initial use cases. The consortium plans to combine bank-level compliance, governance, distribution and institutional risk management with blockchain-based money.
The 21 participants are Bank of America, Capital One, Citi, 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 and Standard Bank.
The structure is intended to comply with the U.S. GENIUS Act and the European Union’s MiCA regime where applicable. The GENIUS Act framework sets federal requirements around payment-stablecoin issuance, reserves, redemption and supervision, while MiCA provides the European regulatory framework for fiat-referenced crypto assets.
Specific blockchain networks, reserve custodians, redemption arrangements and the new company’s name have not yet been disclosed.
Consortium Expands From 10 Banks to 21 Institutions
The project grew from an October 2025 initiative involving 10 banks exploring a 1:1 reserve-backed form of digital money available on public blockchains and focused on G7 currencies. The original group included Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank and UBS.
Eight of those institutions remain in the expanded group. Barclays and BNP Paribas are absent, while 13 additional financial institutions have joined.
The institutional stablecoin push is also reaching consumer banking. Revolut recently launched its regulated EURR euro stablecoin for eligible customers in Denmark, Poland and Portugal. EURR is issued by Luxembourg-regulated Bridge Building, maintains a €1 redemption value and is expected to expand into additional European markets later in 2026.
Banks are pursuing tokenized deposits and stablecoins through several parallel structures. JPMorgan and Citi are backing a tokenized deposit network targeting a 2027 launch, while a consortium of European banks is separately developing the Qivalis euro stablecoin under MiCA.
Banks are also pursuing tokenized deposits alongside stablecoins. JPMorgan and Citi are backing a tokenized deposit network targeting a 2027 launch, while several European banks are separately developing the Qivalis euro stablecoin under the MiCA framework.
Euro Stablecoin Is Next G7 Priority
The dollar token will be the consortium’s first product, followed by potential stablecoins denominated in additional G7 currencies. A euro-denominated offering has already been designated as the first expansion priority.
Formation of the new stablecoin company remains subject to closing conditions and is scheduled for the second half of 2026. The group is targeting commercial launch of its first USD stablecoin in the first half of 2027.
