Key Highlights
- 21 financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plan to establish a company in H2 2026 and launch a USD-pegged stablecoin in H1 2027.
- The consortium has expanded from its original 10 members to include firms such as UBS, Fidelity Investments, Wells Fargo, and MUFG.
- The stablecoin is planned for wholesale, institutional, and retail use, including cross-border payments and digital asset settlement.
A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plans to establish a company in the second half of 2026 to support the issuance of a U.S. dollar-pegged stablecoin. The group said the stablecoin is targeted for launch in the first half of 2027.
According to a Reuters report published on September 1, the consortium, which originally consisted of 10 banks when first announced in October 2025, has expanded to include additional members such as UBS, Fidelity Investments, Wells Fargo, and MUFG. The institutions stated that the project will also pursue stablecoins pegged to other G7 currencies, with the euro identified as a priority.
Planned use cases and regulatory alignment
According to the group’s statement, the stablecoin is intended for wholesale, institutional, and retail applications. These include cross-border payments and digital asset settlement. The project is expected to comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets (MiCA) regulation where applicable.
The initiative follows a period of renewed interest in blockchain applications within traditional finance. That interest has been linked to a rebound in cryptocurrency prices in 2024 and statements of support for the sector from U.S. President Donald Trump.
Competition and market context
The 21-firm group will operate alongside a separate consortium of 37 financial institutions that formed a company called Qivalis. That group has stated plans to launch a euro-pegged stablecoin later this year. Some institutions, including Spanish bank BBVA, hold membership in both groups. World Liberty Financial, a crypto business associated with the Trump family, has also issued its own stablecoin.
The broader stablecoin market remains dominated by Tether, which reports more than $180 billion in issued dollar-pegged tokens. Tether generates revenue by investing reserves in assets that include U.S. Treasuries. Societe Generale, which is not part of either consortium, became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary last year. That token has approximately $12.5 million in circulation, according to the bank’s website.
European Central Bank President Christine Lagarde has previously stated that privately issued stablecoins present risks to monetary policy and financial stability. Demand for bank-issued stablecoins has so far remained limited.
Related blockchain development
In a separate development reported in December 2025, Stable, a blockchain platform supported by Tether and Bitfinex, released details of its new dollar stablecoin, the STABLE token, ahead of a mainnet launch scheduled for December 8.
The token is designed to support network security through economic stake, facilitate governance and protocol upgrades, and provide ecosystem incentives. Transactions on the network will continue to settle in USDT rather than the STABLE token.
The bank consortium’s announcement adds to the set of institutional efforts focused on dollar-denominated and multi-currency stablecoins. No specific details on reserve composition, technical architecture, issuance volume targets, or distribution partners were included in the Tuesday statement.
The formation of the new company remains scheduled for the second half of 2026, with the initial USD stablecoin launch targeted for the first half of 2027.
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