Twenty-one financial institutions including Bank of America, Goldman Sachs and Citi are forming a new company to issue stablecoins. A US dollar token is slated for the first half of 2027. A euro-denominated offering is the next priority.
Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments round out the disclosed membership. The consortium made the plan public Tuesday. It targets wholesale, institutional and retail markets, with cross-border payments and digital asset settlement in scope. Compliance with both the US GENIUS Act and the EU’s MiCA framework is part of the design, the group said.
This effort has roots in last October, when an initial group of 10 banks said they were exploring a 1:1 reserve-backed digital money on public blockchains. That cohort has since more than doubled. Institutions from North America, Europe, East Asia, the Middle East and Africa have signed on.
The launch depends on the company’s formal formation and other conditions. After the dollar token and the euro, the consortium intends to expand into other G7 currencies. The remaining 13 institutions are not named.
Stablecoin appetite among institutions is growing. A Fireblocks survey of 295 executives conducted in early 2025 found 90% of respondents were either using or planning to use stablecoins. The issuance side is getting crowded too. Societe Generale’s crypto subsidiary has already issued euro- and dollar-denominated stablecoins. Fidelity recently launched its US dollar-pegged FIDD stablecoin. Standard Chartered backed a Hong Kong dollar stablecoin venture last month.
Singapore, separately, said Tuesday it is considering allowing jointly issued cross-border stablecoins into its regulatory regime. That marks a shift from an earlier decision to restrict its framework to domestic issuance.
The announcement does not specify which blockchains the stablecoin would run on. Capital commitments per institution are undisclosed. So is the governance structure of the new company. The source, Cointelegraph, did not name the remaining 13 participants.
