Twenty-one banks commit to joint dollar stablecoin for 2027

Twenty-one financial institutions committed on September 1 to establish a company that will issue a regulated US dollar stablecoin, with a launch targeted for the first half of 2027. The company is to be formed during the second half of 2026, subject to closing conditions, according to a joint release reported by Crypto News.

The group spans four continents. 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 Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS, while MUFG Bank, Sirius International Holding and Standard Bank join from East Asia, the Middle East and Africa, according to Bitcoin Foundation.

The consortium said the token will serve wholesale, institutional and retail markets, covering cross-border payments and digital asset settlement, and that it intends to combine participants’ distribution networks with bank-grade compliance, governance and risk management. Longer term, the venture plans stablecoins denominated in other Group of Seven currencies, with a euro token named as the first priority.

Substantial details remain undecided. The group has not disclosed the company’s name, the token’s name, the blockchain networks it will use, the reserve custodian, the governance structure or final redemption terms, according to Blockonomi. The announcement is a development plan rather than a completed launch.

The venture said it intends to meet the requirements of the GENIUS Act and the European Union’s Markets in Crypto-Assets regulation before beginning global operations. The targeted launch window coincides with the GENIUS Act’s effective date of January 18, 2027, after federal regulators missed the law’s rulemaking deadline in July.

The initiative grew out of an October 2025 announcement in which ten banks said they were exploring a reserve-backed digital currency capable of operating across public blockchains. It joins a crowded field. A separate 37-institution consortium, Qivalis, is planning a euro-pegged stablecoin later this year, while more than 140 companies including Visa, Mastercard and Stripe are backing Open USD, announced in June.