21 Banks Unite to Launch Joint Stablecoin Venture Targeting 2027 Launch

A group of 21 financial institutions has announced plans to launch a joint stablecoin venture. The new company, whose name is yet to be decided, aims to issue a US dollar token by the first half of 2027. This move comes after nearly a year of development and includes banks from North America, Europe, East Asia, the Middle East, and Africa.

The group, which spans five regions, plans to focus on a USD-denominated stablecoin for wholesale, institutional, and retail use, including cross-border payments and digital asset settlement. They also aim to add stablecoins in other G7 currencies, starting with the euro, in the future.

The venture combines bank-grade compliance, governance, distribution, and risk management. It is intended to comply with the US GENIUS Act and the EU's MiCA framework where applicable.