21 Banks Form Consortium to Launch US Dollar Stablecoin
Twenty-one banks, including Bank of America, Citi and Goldman Sachs, will form a company to issue a dollar stablecoin targeted for the first half of 2027.
A group of 21 major banks announced plans to create a new company to develop and issue a US dollar-denominated stablecoin, aiming to begin circulation in the first half of 2027, subject to company formation and other conditions.
The consortium includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments, among others from North America, Europe, East Asia, the Middle East and Africa.
Organizers plan a 1:1 reserve-backed token available on public blockchains. They said the stablecoin will serve wholesale, institutional and retail users and is intended for use cases such as cross-border payments and digital asset settlement.
The project is being designed to comply with applicable rules, including the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation (MiCA). Organizers tied the timetable and design choices to those regulatory frameworks, which specify reserve, governance and consumer protection requirements in covered jurisdictions.
The consortium identified a euro-denominated stablecoin as the next priority after the dollar offering and said it intends to expand into other G7 currencies over time.
The effort traces back to an October initiative when ten banks began exploring a reserve-backed digital money product. The participant list has since more than doubled.
Market activity has seen several established financial firms issue or back stablecoins. Examples include a euro and dollar offering from one bank’s crypto subsidiary, a US dollar-pegged token launched by an asset manager, and a recent Hong Kong dollar stablecoin venture supported by another bank.
The new company must complete organizational steps and meet regulatory and operational conditions before issuing the coin. If those requirements are met, the consortium intends to issue the US dollar stablecoin in the first half of 2027 and to follow with additional currency products thereafter.
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