Crypto
Home›Crypto›Stablecoins›21 financial institutions plan consortium to launch a…
21 financial institutions plan consortium to launch a US dollar stablecoin
The group aims to start with a dollar stablecoin in the first half of 2027, then pursue a euro offering as a next priority.
A consortium of 21 major financial institutions plans to form a new company to develop and issue stablecoins, reflecting continued momentum from traditional finance toward digital dollars, Cointelegraph reports.
The initiative, announced Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The group’s initial product is a US dollar-denominated stablecoin targeted for launch in the first half of 2027, subject to company formation and other conditions.
The consortium said it intends to expand beyond US dollar issuance to stablecoins denominated in other G7 currencies, with a euro-denominated offering identified as its next priority. It plans to target wholesale, institutional and retail markets, including use cases such as cross-border payments and digital asset settlement.
The company said the stablecoin framework is designed to comply with the US GENIUS Act and, where applicable, the European Union’s Markets in Crypto-Assets Regulation, MiCA. Cointelegraph also notes the effort builds on a prior announcement from last October in which an initial group of 10 banks explored a 1:1 reserve-backed model for digital money available on public blockchains.