A consortium of 21 major financial institutions announced plans to establish a new company to develop and issue stablecoins, signaling continued traditional finance expansion into digital currencies as regulatory frameworks develop.
The group includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. The consortium plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to company formation and other conditions.
The initiative builds on an announcement from October, when an initial group of 10 banks began exploring a 1:1 reserve-backed form of digital money for public blockchains. The consortium has since expanded to more than double its original size, bringing together institutions across North America, Europe, East Asia, the Middle East, and Africa.
According to the announcement, the group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as the next priority. The stablecoin will target wholesale, institutional, and retail markets, with intended use cases including cross-border payments and digital asset settlement.
The venture is designed to comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA), where applicable.
The move reflects growing institutional interest in stablecoins. A 2025 survey of 295 executives found that 90% were using or planning to use stablecoins. Major financial institutions have already expanded their presence in the sector, with Societe Generale's crypto subsidiary issuing euro- and dollar-denominated stablecoins, Fidelity launching its FIDD US dollar-pegged stablecoin, and Standard Chartered backing a Hong Kong dollar stablecoin venture.
