Twenty-one financial institutions aim to launch a USD-denominated stablecoin in 2027
On September 1, 2026, a consortium of twenty-one leading international financial institutions announced their intention to establish a new company dedicated to the issuance of a stablecoin solution. The group, which includes major banks and financial firms from North America, Europe, East Asia, the Middle East, and Africa, aims to launch a USD-denominated stablecoin in the first half of 2027, with plans to expand into stablecoins denominated in additional G7 currencies, with a particular focus on the euro.
The new enterprise, whose name has not yet been disclosed, is poised to revolutionize the financial landscape by offering a safe, robust, and trusted stablecoin solution. The initiative, drawing on the expertise of its founding members, will incorporate bank-grade compliance, strong governance, and institutional risk management. This approach is designed to address the growing demand for a reliable form of digital money in various markets, including wholesale, institutional, and retail sectors.
According to the announcement, the stablecoin will be utilized in a range of use cases, such as cross-border payments and digital asset settlements. The group's ambitious goal is to create a trusted payment asset that can be leveraged in public blockchain environments, ensuring that clients benefit from a secure and efficient form of digital money.
The group's formation follows an earlier announcement in October 2025, when an initial group of ten banks began exploring the issuance of a 1:1 reserve-backed digital money. At that time, the focus was on developing a stable payment asset available on public blockchains. The current initiative now includes a broader spectrum of financial institutions, expanding the pool of expertise and resources.
The participating institutions are headquartered in major geographies, including: - North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree - Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank U.A., UBS - East Asia: MUFG Bank - Middle East: Sirius International Holding - Africa: Standard Bank
To ensure regulatory compliance, the group plans to adhere to the GENIUS Act and MiCA (Markets in Crypto-Assets) guidelines, as applicable. The consortium will continue to keep stakeholders informed throughout the development process.
In a cautionary statement, the group noted that the news release contains forward-looking statements about future performance and business objectives. These statements are subject to inherent risks and uncertainties, and actual results could differ materially from expectations.
For more information, contact: Media Contact: Sarah Thompson Brunswick Group [email protected] www.brunswickgroup.com