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21 financial institutions plan stablecoin venture for payments
The group aims to launch a U.S. dollar stablecoin in the first half of 2027 and expand to a euro token next.
CoinDesk reports that 21 financial institutions plan to establish a new company in the second half of 2026 to support stablecoin issuance for payments and digital asset settlement.
The venture is expected to begin with a U.S. dollar-denominated stablecoin, with a euro token prioritized for expansion later. The group said it plans to launch the initial product in the first half of 2027, subject to closing conditions.
Participants include Bank of America, Citi, Goldman Sachs, UBS, Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank, and Standard Bank. The company is intended to meet requirements under the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework.
CoinDesk also noted the broader backdrop, saying stablecoin market capitalization rose from about $200 billion at the start of last year to about $303 billion as of press time, citing DeFiLlama data. It added that U.S.-dollar-backed stablecoins make up most of the sector, with Tether’s USDT at about 60% and Circle’s USDC at more than 20%.