A group of 21 financial institutions plans to launch a US dollar stablecoin in the first half of 2027.
The group includes Japan’s MUFG Bank, Sirius International Holding from the Middle East and Standard Bank from Africa.
Its European members are Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS.
The North American institutions are Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree.
The institutions have committed to establishing a company in the second half of 2026, subject to closing conditions. Its name has yet to be announced.
The venture plans to expand into other G7 currencies over time, with a euro-denominated stablecoin identified as a priority.
The stablecoin is intended for wholesale, institutional and retail markets. Potential uses include cross-border payments and digital asset settlements.
The group intends to comply with the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation where applicable.
It will draw on the members’ compliance, governance, distribution and risk management capabilities.
The project follows an October 2025 announcement by an initial group of 10 banks exploring a fully reserve-backed form of digital money available on public blockchains.
Featured image: Edited by Fintech News Singapore, based on image by vinkf via Magnific
