Twenty-one financial institutions spanning North America, Europe, East Asia, the Middle East and Africa said on Tuesday that they have committed to establish a new company in the second half of 2026 to issue stablecoins, with a US dollar-denominated token targeted for launch in the first half of 2027, subject to closing conditions. The statement was released as an update to an earlier October 2025 initiative, not a new announcement.
The unnamed company will first focus on a USD stablecoin for wholesale, institutional and retail use, including cross-border payments and digital asset settlement. The group plans to later add stablecoins in other G7 currencies, starting with the euro. The consortium said the product would combine bank-grade compliance, governance, distribution and risk management, and that it intends to comply with the US GENIUS Act and the EU MiCA framework where applicable.
The 21 members include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree in North America; Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS in Europe; MUFG Bank in East Asia; Sirius International Holding in the Middle East; and Standard Bank in Africa. Boston Consulting Group and Brunswick Group are advising the group but have no authority to bind the consortium.
The effort began with an initial group of ten banks in October 2025 exploring a 1:1 reserve-backed digital payment asset issuable on public blockchains, and it has since more than doubled. It is separate from JPMorgan's reported internal discussions about a possible stablecoin, distinct from its existing JPM Coin tokenized deposit product, and from the BankChain Alliance, which groups thousands of smaller lenders around a shared blockchain network for tokenized deposits and bank-issued stablecoins.
The bank consortium did not disclose the new company's name, reserve composition, technical architecture, distribution partners, supported blockchains or final redemption terms. The planned token would enter a stablecoin market that stood at roughly $300 billion in late August and is currently led by established issuers such as Tether and Circle. Regulatory timing remains relevant: President Donald Trump signed the GENIUS Act on July 18, 2025, and federal agencies have been working through implementing rules, with the Office of the Comptroller of the Currency targeting November 2026 for final reporting requirements. A euro-denominated token would face MiCA authorization, reserve, disclosure and redemption obligations.
