21 Financial Giants Unite to Launch Dollar Stablecoin
A group of 21 global financial institutions is planning to form a company to issue a U.S. dollar-denominated stablecoin, marking a significant entry into the crypto market by traditional finance.
The unnamed venture aims to introduce the stablecoin in the first half of 2027, pending regulatory approval and closing conditions. It will target wholesale, institutional, and retail uses, including cross-border payments and digital-asset settlements.
The consortium includes major players like Bank of America, Citi, Goldman Sachs, and Wells Fargo, as well as Capital One, Fidelity Investments, and Santander. This initiative has more than doubled in size since 10 banks announced an exploratory project in October 2025.
The group eventually plans to issue stablecoins denominated in other Group of Seven currencies, with the euro token being the next priority. The venture will compete with Tether's USDT and Circle's USDC, which together control around 80% of a stablecoin market valued at approximately $303 billion.