21 Banks Commit to Joint Stablecoin Venture Targeting 2027 Launch

Twenty-one major financial institutions have committed to launching a joint stablecoin venture. The group plans to incorporate a company in the second half of 2026 and issue a dollar stablecoin by the first half of 2027, with expansion into other G7 currencies planned for later. This move is significant as it comes after ten of the same institutions announced they were studying the idea last year.

The new group includes Bank of America, Citi, Goldman Sachs, UBS, Deutsche Bank and 16 other firms. They will aim to serve wholesale, institutional and retail markets, for cross-border payments and digital asset settlement. The stablecoin will combine 'bank-grade compliance, strong governance, distribution and institutional risk management,' according to the announcement.

This move puts the group in direct competition with existing stablecoins such as Tether's USDT and Circle's USDC, which control four-fifths of the supply. Circulating stablecoins stand at $310.4 billion, with Tether's USDT at $183.3 billion or 59%, according to DefiLlama.