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21 banks and asset managers plan joint US dollar stablecoin venture
The group targets an initial launch in the first half of 2027, after the stablecoin law it plans to follow, the GENIUS Act, takes effect.
Twenty-one banks and asset managers said they plan to create a jointly backed company in the second half of this year to issue a US dollar stablecoin, with a market launch targeted for the first half of 2027, The Defiant reported.
The announcement did not identify the company, ownership split, chief executive, blockchain, custodian, or reserve manager, and it contained no quotes from participants. The venture is designed to enter a market where two issuers control about four fifths of stablecoin supply.
According to The Defiant, circulating stablecoins total $310.4 billion, with Tether’s USDT at $183.3 billion, or 59%, and Circle’s USDC at $73.8 billion, or 24%. Total stablecoin supply is up 9.9% from $282.4 billion a year ago and below a June 1 high of $317.4 billion.
The effort follows an Oct. 10, 2025 announcement from a subset of the institutions studying a 1:1 reserve-backed model for public blockchains focused on G7 currencies. The first-half 2027 launch window comes just after the US stablecoin law the venture plans to comply with, the GENIUS Act, takes effect, with final implementing rules still pending as regulators missed the statute’s one-year rulemaking deadline, The Defiant reported.