Bank of America, Citi, Goldman Sachs, Goldman Sachs and 18 other financial institutions committed on Sept. 1 to establish a stablecoin company in the second half of 2026, subject to closing conditions.
The unnamed venture plans to issue a U.S. dollar-denominated stablecoin during the first half of 2027. The consortium said it could later launch tokens linked to other G7 currencies, with a euro stablecoin identified as the first expansion priority.
The proposed stablecoin would target wholesale, institutional and retail markets. Potential applications include cross-border payments and settlement for digital asset transactions.
21 MAJOR BANKS INCLUDING BANK OF AMERICA, CITI, GOLDMAN SACHS, DEUTSCHE BANK AND UBS COMMIT TO A JOINT USD STABLECOIN COMPANY, TARGETING A H1 2027 LAUNCH
— The Wolf Of All Streets (@scottmelker) September 1, 2026
The announcement describes a development plan rather than a completed launch. The institutions have not disclosed the company’s name, token name, blockchain networks, reserve custodian, governance structure or final redemption terms.
Stablecoin consortium spans four continents
The consortium includes banks, asset managers and other financial institutions based in North America, Europe, East Asia, the Middle East and Africa.
North American participants are Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree.
European members include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. MUFG Bank represents East Asia, while Sirius International Holding and Standard Bank represent the Middle East and Africa, respectively.
The group said the project would combine the participants’ distribution networks with bank compliance, governance and risk-management systems. Those statements describe the planned product, which has not yet entered the market.
MUFG confirmed its participation in a separate release dated Sept. 2. BBVA also published the consortium announcement through its corporate news service. No subsequent disclosure had identified the operating company or assigned specific roles to individual members.
USD stablecoin plan expands from 10-bank study
The project follows an October 2025 announcement in which 10 banks said they were studying a 1:1 reserve-backed form of digital money available on public blockchains.
The latest announcement expands the initial group to 21 institutions and shifts the project from exploration toward the creation of a dedicated company.
However, the consortium has not identified which public blockchains it will support. It also has not disclosed whether users will be able to hold and transfer the tokens directly or whether access will depend on participating banks and approved service providers.
The proposed user base is broad. Wholesale applications could include transfers between banks or large companies. Institutional uses could involve settlement for tokenized securities and other digital assets. Retail applications could include payments, although the consortium has not released a consumer distribution plan.
The planned token would enter a market led by established issuers such as Tether and Circle. The banks could compete through their existing customer relationships, compliance systems and access to payment infrastructure. Those potential advantages remain untested until the venture publishes its operating model and launches the token.
Traditional banks are also considering separate approaches. JPMorgan has held early discussions about a possible stablecoin, although the bank said it had no active launch plan and would assess customer demand and regulation, as crypto.news reported.
U.S. stablecoin rules remain unfinished before launch
The consortium said the dollar stablecoin “intends” to comply with the U.S. $GENIUS Act where applicable. President Donald Trump signed the legislation on July 18, 2025, creating a federal framework for payment stablecoin issuers.
The law establishes licensing and supervision requirements. It also calls for stablecoins to be backed one-to-one by eligible liquid reserves, provides redemption protections and requires regular reserve disclosures. Issuers cannot pay interest or yield solely for holding a covered payment stablecoin.
Several implementing regulations remained unfinished after federal agencies missed a July 18, 2026, rulemaking deadline. The Office of the Comptroller of the Currency has proposed reporting requirements that include confidential weekly reports and quarterly financial submissions for issuers under its authority.
The OCC is targeting November 2026 for final rules, as crypto.news reported. The statute’s timing could place the federal framework into effect around the period when the bank consortium is preparing its 2027 launch.
That schedule gives the venture time to incorporate final reserve, capital, redemption, custody and compliance requirements into the product. It also leaves uncertainty because several details could change before regulators complete their work.
The Treasury Department is separately developing rules for state regulatory recognition and foreign stablecoin issuers. In related coverage, Treasury requested public feedback on licensing standards and the interaction between federal and state supervision.
Euro stablecoin would face MiCA requirements
The consortium also said it “intends” to comply with the European Union’s Markets in Crypto-Assets regulation when applicable. MiCA already provides a regulatory structure for stablecoins offered in the bloc.
A token pegged to one official currency, such as the euro, generally falls within MiCA’s electronic money token category. Issuers face authorization, reserve, disclosure and redemption requirements, with additional supervision possible if a token reaches regulatory importance thresholds.
The consortium did not say which legal entity would issue its planned euro token or where that issuer would be licensed. Those choices will determine the relevant supervisory authority and the obligations assigned to participating institutions.
Operating across the United States and European Union will also require coordination between regulators. The Financial Stability Board recommends comprehensive supervision and cross-border information sharing for global stablecoin arrangements because their functions can span banking, payments and securities markets.
