21 major banks launch joint stablecoin in 2027

Twenty-one major international financial institutions, including Bank of America, Goldman Sachs, Citi, Deutsche Bank and UBS, have announced the formation of a joint company to issue a stablecoin. The launch of the dollar stablecoin is scheduled for the first half of 2027. In the longer term, the group also wants to issue stablecoins in other G7 currencies, with the euro as the first priority.

In short:

• 21 financial institutions are setting up a new company for the issuance of a dollar stablecoin.
• The stablecoin is intended for use in cross-border payments and digital asset settlement.
• The group wants to comply with the US GENIUS Act and the European MiCA regulation.

The initiative builds on an announcement from October 2025, when a group of ten banks already indicated that they were jointly exploring the issuance of digital money with 1:1 reserve backing on public blockchains. That group has since grown to twenty-one institutions spread across North America, Europe, East Asia, the Middle East and Africa.

From North America, Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree are participating. Europe is represented by Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank and UBS. In addition, MUFG Bank, Sirius International Holding and Standard Bank have joined.

Dollar stablecoin with institutional standards

According to the PRNewswire press release, the group wants to offer a stablecoin that meets banking compliance requirements, with robust governance and professional risk management. The stablecoin is intended for a wide range of applications: from cross-border payments and settlement of digital asset transactions to use by private clients.

The name of the new company will be announced at a later date. The aim is to bring the stablecoin to market in the first half of 2027, subject to meeting closing conditions. The initiative has been set up with a view to complying with the US GENIUS Act and the European MiCA regulation, where applicable. This ties in with the broader debate about the role of stablecoins in the financial system, as the CEO of Tether argued that stablecoins can make US debt safer previously.