Twenty-One Global Banks Commit to Forming Stablecoin Issuer, with Dollar Token Launch Targeted for Early 2027
Twenty-One Global Banks Commit to Forming Stablecoin Issuer, with Dollar Token Launch Targeted for Early 2027 #
Twenty-one of the world’s largest financial institutions have announced plans to form a jointly owned company to issue stablecoins.
The consortium spans institutions across North America, Europe, East Asia, the Middle East and Africa. On September 1, the group committed to establishing the new entity by the end of 2026, pending customary closing conditions. The company’s name has not been disclosed.
The venture will launch with a U.S. dollar-denominated stablecoin for payments and digital asset settlement, with a euro-denominated token identified as the next priority. The group plans to expand into stablecoins pegged to additional G7 currencies. A market launch is targeted for the first half of 2027.
Member institutions include ten North American firms: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. Eight European banks also joined: Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. Japan’s MUFG Bank rounds out the bank contingent, with Abu Dhabi-based Sirius International Holding and South Africa’s Standard Bank completing the global roster.
The initiative traces its roots to October 2025, when ten global systemically important banks said they were exploring whether to jointly issue a reserve-backed digital payment asset on public blockchains. Eight of those original ten remain in the expanded consortium: Santander, Bank of America, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS.
The stablecoin will be backed one-for-one by reserves and designed to meet bank-grade standards for compliance, governance and risk management. The consortium said the initiative is intended to comply with the U.S. GENIUS Act and the EU’s MiCA framework where each applies.
Participants described the venture as a response to client demand for trusted forms of digital money across wholesale, institutional and retail settings, with intended use cases in cross-border payments and digital asset settlement. The consortium said it has been engaging with relevant regulators and supervisors as the project advances.
The September 1 commitment formalizes what began as an exploratory process in October 2025. If launched as planned, the consortium’s stablecoin would compete directly with existing issuers such as Tether and Circle.
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