Twenty-one major financial institutions have committed to launching a jointly backed U.S. dollar stablecoin in the first half of 2027. The group plans to establish a new company in the second half of 2026 to develop and issue the token.
The coalition includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo, and Fidelity Investments, along with financial firms from North America, Europe, East Asia, the Middle East, and Africa. European participants include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Lloyds Banking Group, and Rabobank. MUFG Bank represents East Asia, Sirius International Holding joins from the Middle East, and Standard Bank participates from Africa.
The stablecoin is designed for wholesale, institutional, and retail markets, with potential applications in cross-border payments and settlement of digital assets. The institutions intend the product to combine bank-level compliance, governance, and risk controls with blockchain-based speed and programmability.
The venture plans to expand into other G7 currencies over time, with a euro-denominated token listed as an early priority. The group said the stablecoin structure will comply with the U.S. GENIUS Act and the European Union's Markets in Crypto-Assets (MiCA) framework where applicable.
This effort builds on an October 2025 announcement when 10 banks began exploring a reserve-backed digital currency for public blockchains. The coalition has more than doubled in size since that initial disclosure, marking a significant expansion of traditional finance's stablecoin initiatives.
