21 Global Financial Giants Plan Stablecoin Company With Dollar Token Targeted for H1 2027

Twenty-one major financial institutions, including Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS and MUFG, said they plan to form a new company in the second half of 2026 and launch a dollar-denominated stablecoin in the first half of 2027. The company name has not yet been set, and the formation plan still depends on completion of required conditions. The consortium said the project is aimed at global markets, with the dollar stablecoin only the first stage. Over the long run, it plans to cover other Group of Seven currencies, with a euro stablecoin listed as a priority. According to the announcement, the product is expected to serve wholesale, institutional and some retail markets. Its use cases include cross-border payments, transfers between financial institutions and digital asset settlement. The group said it wants to combine the participating institutions’ compliance capabilities, governance systems, client distribution networks and risk-management experience to build digital money infrastructure with bank-grade regulatory standards. The project traces back to stablecoin research launched in October 2025. At that time, 10 international banks jointly evaluated issuing a digital payment asset backed 1:1 by reserve assets and able to circulate on public blockchains. Less than a year later, the number of participating institutions has risen to 21, and the effort has moved from concept work into company formation and product rollout. The consortium said it will comply, where applicable, with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets regulation, or MiCA. The U.S. signed the GENIUS Act into law in July 2025, creating a federal framework for payment stablecoins that covers eligible issuers, 1:1 liquid reserve assets, regular reserve disclosures and anti-money-laundering requirements. MiCA has already set issuance and operating rules for asset-referenced tokens and e-money tokens in the EU. The move puts traditional finance groups directly against the market networks built by Tether and Circle. DeFiLlama data show the global stablecoin market is worth about $303.9 billion, with USDT at about $183.3 billion and USDC at about $73.7 billion; together they account for roughly 84.6% of the market. Bank branding and regulatory standing do not guarantee fast adoption. Stablecoin competition is not only about reserve safety, but also on-chain liquidity, exchange and wallet integration, cross-chain interoperability, instant redemption and the ability to build a broad enough payments and settlement network. Reuters said existing bank-issued dollar stablecoins remain relatively small, a sign that for large financial institutions the real test is still user demand and network effects. If the 21 institutions complete the company setup on schedule and secure the required regulatory approvals, the project would be more than another dollar stablecoin. It could also become an important attempt by traditional banks to set a common standard for cross-border on-chain settlement. If regulators, reserve arrangements and technical architectures cannot be aligned across markets, the first-half-2027 timeline could slip.