Twenty-one financial institutions, among them Bank of America, Goldman Sachs and Citi, intend to set up a jointly owned stablecoin company, Cointelegraph reported Tuesday.
Eight members were named outright: Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments round out the list alongside the three above. The plan starts with a US dollar-denominated token. A euro offering and other G7 currencies would come later. Launch is pegged to the first half of 2027, contingent on the company’s formation and unspecified further conditions.
Wholesale, institutional and retail markets are all in scope. So are cross-border payments and digital asset settlement. The venture is built to comply with the US GENIUS Act and, where applicable, the EU’s Markets in Crypto-Assets Regulation.
The group has more than doubled from an initial cohort of 10 banks that began exploring the idea last October. Reuters reported at the time that they were weighing a 1:1 reserve-backed form of digital money available on public blockchains. Members now span North America, Europe, East Asia, the Middle East and Africa.
The announcement arrives in a crowded stablecoin field. Societe Generale’s crypto subsidiary has already issued euro- and dollar-denominated tokens. Fidelity recently launched its US dollar-pegged FIDD token. Standard Chartered, last month, backed a Hong Kong dollar stablecoin venture.
Singapore, in a separate development, is reconsidering whether to allow jointly issued cross-border stablecoins into its regulatory regime. A Tuesday announcement revisits an earlier decision that had restricted the framework to domestic issuance.
A Fireblocks survey of 295 executives in early 2025 found that 90% of respondents were using or planning to use stablecoins.
After the dollar, the group has flagged a euro offering as its next priority before moving to other G7 currencies. That first-half-2027 timeline remains conditional on the company’s formation.
