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A group of 21 global financial institutions, including Bank of America, Citi, Goldman Sachs and Wells Fargo, plans to establish a company that will support the issuance of a U.S. dollar-denominated stablecoin. The group is targeting the first half of 2027 for the product to reach the market.
The company is expected to be established during the second half of 2026, subject to closing conditions, and has not yet been named. The initiative also includes asset managers and financial groups alongside banks, with participants spanning North America, Europe, East Asia, the Middle East and Africa.
Banks Target Payments and Digital Asset Settlement
The planned stablecoin is intended for use across wholesale, institutional and retail markets. The group identified cross-border payments and digital-asset settlement among the potential applications for the dollar-denominated token. The project intends to comply with requirements under the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework where applicable. The consortium said:
“The group aims for its stablecoin solution to go to market in the first half of 2027.”
Group Expands to 21 Institutions
The project follows an October 2025 initiative in which 10 banks said they were exploring a reserve-backed digital payment asset available on public blockchains. The expanded group now includes Capital One, PNC Financial Services, Scotiabank, TD Bank, UBS, Santander, Deutsche Bank, BBVA, MUFG Bank and several other institutions.
The venture plans to begin with the U.S. dollar before considering stablecoins denominated in other Group of Seven currencies, with a euro-denominated product among the options identified for later expansion.
Stablecoin Venture Enters an Established Market
The planned launch would bring the consortium into a stablecoin market currently dominated by Tether and Circle by circulating supply. Tether alone has more than $180 billion of USDT in circulation, while existing bank-issued stablecoins have so far attracted much smaller adoption.
Several important details remain undisclosed, including the blockchain networks the new stablecoin will use and the name of the company that will issue it. For now, the participating institutions have committed to forming the venture, with the dollar product targeted for launch in the first half of 2027.
