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FollowingTLDR
21 financial institutions committed on September 1 to jointly establish a stablecoin company in the second half of 2026.
The group plans to launch a dollar stablecoin in the first half of 2027. After the US dollar token, euro stablecoins are listed as the next priority. The company intends to comply with the GENIUS Act and MiCA Rules after the relevant laws come into effect. Key details, including the blockchain network and reserve custodians, have yet to be announced. [TAG
From a Small Study to a Big Project
Twenty-one financial institutions have agreed to form a joint company to support a new dollar stablecoin. The commitment was announced on September 1, 2026. The group includes Bank of America, Citibank and Goldman Sachs, as well as Wells Fargo, Fidelity Investments and 16 other banks and asset managers.
The plan is to launch this U.S. dollar stablecoin in the first half of 2027, and the specific timetable depends on whether transaction conditions are met. Following the launch of the US dollar token, the group hopes to build a euro stablecoin, and other G7 currency tokens may be launched later. This stablecoin is designed to serve multiple user types. Banks hope it can support inter-agency payments, digital asset settlement and daily retail use.
List of Participating Banks
Participating institutions are located in North America, Europe, East Asia, and the Middle East and Africa. Members in North America include Capital One, PNC Financial Services and Toronto's Dominic Bank Group. European members include Deutsche Bank, UBS and Lloyds Banking Group. Mitsubishi UFJ Financial Group represents East Asia, while Standard Bank represents Africa.
The company itself has not yet been named, and the token name, blockchain choice and reserve custodian have not yet been determined. The group said it wanted to combine the bank's compliance system with its extensive issuance network. This statement cannot be verified until the product is actually launched.
From a small study to a big plan
This effort stems from earlier steps. In October 2025, 10 banks said they were studying a digital token backed by reserves. The research team has now expanded to 21 members, and the project has moved from the research stage to the actual company formation stage.
There are already major players in the stablecoin market, with Tether and Circle currently taking the lead. JPMorgan Chase has also discussed launching its own stablecoin, but the bank said it has no active plans to issue it.
Regulatory Framework
Two sets of rules will determine how the token operates. The first set is the US GENIUS Act, which was signed into law in July 2025. The bill requires stablecoins to be backed one-to-one by liquid reserve assets, requires regular reporting, and prohibits issuers from paying interest on tokens. Some rules of the bill are still being refined, and the Office of the Comptroller of the Currency aims to finalize final rules by November 2026.
Euro stablecoins are subject to independent European rules called MiCA. The regulation covers aspects such as reserves, disclosures and token redemption methods. The consortium has not said which entity will issue euro tokens or where licensing will be obtained, a choice that will determine which regulator supervises them.
For now, the project is still a plan rather than a finished product. It is expected that as the company takes shape in the second half of 2026, the latest progress will be released.
