Twenty-one leading financial institutions from across North America, Europe, Asia, the Middle East and Africa have committed to establishing a new company in the second half of 2026, subject to closing conditions, to support the issuance of a stablecoin solution.
The new venture, which has yet to be named, will initially focus on a US dollar-denominated stablecoin, with plans to expand into additional G7 currencies. A euro-denominated stablecoin is expected to be a priority as the initiative develops.
The group aims to bring the stablecoin to market during the first half of 2027, targeting use cases across wholesale, institutional and retail markets.
The initiative is designed to combine bank-grade compliance and governance with institutional risk management and distribution. Potential applications include cross-border payments and digital asset settlement, where the participants believe trusted digital money could deliver greater efficiency.
The 21 participating institutions include 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 announcement builds on an initiative first revealed in October 2025, when an initial group of 10 banks began exploring a reserve-backed digital money solution designed to operate on public blockchains.
The expanded group said the proposed stablecoin is intended to comply with the GENIUS Act and MiCA, where applicable.
