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Following21 major global banks plan to jointly launch U.S. dollar stablecoins in early 2027
A consortium of 21 leading financial institutions has announced plans to form a new company focused on issuing U.S. dollar backed stablecoins, with the goal of launching in the first half of 2027. This initiative was formally agreed on September 1, 2026, marking a major cooperation between large banks to join forces to enter the stablecoin market.
Major institutions have joined forces to create digital dollar tokens
The group includes well-known institutions such as Bank of America, Citibank, Goldman Sachs, Wells Fargo Bank and Fidelity Investments, as well as 16 other important banks and asset management companies participating. It covers North America, Europe, East Asia and Africa. North America is represented by First Capital, PNC Financial Services Group and TD Banking Group; Europe by Deutsche Bank, UBS and Lloyds Banking Group; East Asia by Mitsubishi UFJ Bank and Africa by Standard Banking Group.
Following the launch of the proposed dollar stablecoin, the consortium plans to prioritize the launch of euro-backed digital assets. In the long run, stablecoins for other G7 currencies may also be introduced. The stablecoin's uses will include interbank payments, settlement of digital asset transactions, and everyday retail applications.
The group has not yet determined key details such as the company name, the blockchain technology used and the custodian of the stablecoin reserve assets. The establishment of the company and the launch of the stablecoin still need to meet certain delivery conditions.
Compliance, Regulation and Supervision
Participating institutions said they aim to combine the banking industry's strong compliance standards with an extensive distribution network to ensure easy access to products once they are launched. The joint venture will seek to comply with new regulatory requirements in the United States and Europe.
The U.S. GENIUS Act, signed into law in July 2025, will regulate the project's U.S. dollar stablecoins. The regulation requires such tokens to be fully backed by liquidity reserves on a 1:1 ratio, stipulates regular reporting, and prohibits issuers from paying interest to token holders. The Office of the Comptroller of the Currency is finalizing implementation details of the law, with the goal of completing it by November 2026.
For euro stablecoins, the EU's upcoming MiCA regulatory framework will set standards for reserve management, information disclosure and redemption rules. Key decisions, including the identity of the issuing entity and its regulatory jurisdiction, have not yet been determined, which will affect which institutions will regulate the token.
The joint venture plans to comply with both the U.S. GENIUS Act and European MiCA regulations to adapt to new regulatory requirements. Key information about which blockchain network or reserve custodian to choose has not yet been determined.
Intensifying competition and market trends
The consortium's action comes as existing stablecoin leaders Tether and Circle continue to dominate the market. At the same time, JPMorgan Chase has independently explored stablecoin technology, but there are currently no active issuance plans.
In October 2025, a small group of 10 banks began studying reserve-backed digital tokens. Since then, the project has continued to expand in terms of membership size and ambition, and has gradually evolved into creating a new company.
As traditional banking groups seek new stablecoin opportunities, the ecosystem of tokenized financial assets is also constantly developing. At the same time, Wall Street is accelerating its adoption of Web3 innovation: Investors are now using platforms to hold stocks, gold and silver of leading U.S. companies directly in their crypto wallets. By tokenizing real-world assets and automatically obtaining the best quotes from the entire market in seconds, these platforms effectively eliminate the need for traditional brokers.
Currently, the plan is still in the planning stage. The consortium is expected to release further updates after the company's structure and product design are finalized later in 2026.
