A group of 21 financial institutions, including Bank of America, Citigroup, Goldman Sachs and Deutsche Bank, has committed to form a new company in the second half of 2026 to issue a stablecoin, according to Techub, citing BeInCrypto. The alliance plans to roll out a U.S. dollar stablecoin in the first half of 2027, followed by a euro-denominated version. It said the products will be structured to comply with the GENIUS Act and the Markets in Crypto-Assets framework, or MiCA. The report also points to broader bank activity in the sector: SoFi opened its SoFiUSD stablecoin to nearly 15 million in-app members in May, JPMorgan is running its JPMD deposit token on Base, and HSBC plans to launch a Hong Kong dollar stablecoin in the second half of 2026. StraitsX CEO Liu Tianwei said stablecoin issuance gives banks a way to stay relevant as financial infrastructure changes, while faster and cheaper settlement could pressure traditional banking revenue, especially in cross-border payments.
A group of 21 financial institutions, including Bank of America, Citigroup, Goldman Sachs and Deutsche Bank, committed on Sept. 1 to form a new company in the second half of 2026 to issue a stablecoin, according to Techub, citing BeInCrypto.
The alliance plans to launch a U.S. dollar stablecoin in the first half of 2027, then follow with a euro version. It said the products will comply with the GENIUS Act and the Markets in Crypto-Assets framework, or MiCA.
The report also said SoFi Bank opened its SoFiUSD stablecoin to nearly 15 million members in its app in May. JPMorgan is running its JPMD deposit token on Base, while HSBC plans to launch a Hong Kong dollar stablecoin in the second half of 2026.
Experts said clearer regulation and institutional adoption in 2026 have become a turning point for stablecoin development.
StraitsX CEO Liu Tianwei said issuing stablecoins is a way for banks to remain relevant as underlying infrastructure evolves. He said stablecoins can work behind the scenes as a settlement asset, making transactions faster and cheaper, which could put pressure on traditional bank revenue, especially in cross-border payments.
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