A group of 21 major financial institutions said Tuesday that it plans to establish a new company to develop and issue stablecoins, another sign that traditional finance is moving deeper into digital dollars as regulatory frameworks take shape.
According to the announcement, the consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. It plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the formation of the company and other conditions.
The venture will start with a dollar product and later expand to stablecoins denominated in other G7 currencies. A euro-denominated offering has been identified as the next priority.
Cross-border payments and settlement are key use cases
The consortium said the stablecoin is aimed at wholesale, institutional and retail markets. Named use cases include cross-border payments and digital asset settlement.
It also said the initiative is intended to comply, where applicable, with the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation, known as MiCA.
The plan builds on an initiative announced last October, when an initial group of 10 banks said they were exploring a 1:1 reserve-backed form of digital money available on public blockchains. Since then, the consortium has more than doubled in size, bringing together financial institutions across North America, Europe, East Asia, the Middle East and Africa.
Banks keep expanding stablecoin activity
The move comes as stablecoins have expanded sharply in recent years, with the passage of the GENIUS Act and MiCA giving the sector clearer regulatory routes for adoption.
Separately, Singapore said Tuesday that it is considering allowing jointly issued cross-border stablecoins into its regulatory regime, revisiting an earlier decision to limit that framework to domestic issuance.
Institutional demand was already visible in early 2025. A Fireblocks survey of 295 executives found that 90% of respondents were either using stablecoins or planning to use them.
Since then, major financial institutions have widened their activity in the sector. Societe Generale’s crypto subsidiary has issued euro- and dollar-denominated stablecoins, while Fidelity recently launched its US dollar-pegged FIDD stablecoin. Last month, Standard Chartered backed a Hong Kong dollar stablecoin venture.