21 Major Banks Unite for Joint Stablecoin Launch

Twenty-one major financial institutions, including Bank of America and Citi, have committed to launching a joint stablecoin company by the second half of 2026. The consortium aims to release a US dollar-denominated stablecoin in the first half of 2027, with potential expansion to other G7 currencies, starting with the euro.

The proposed token will support wholesale, institutional, and retail payments, as well as digital asset settlement services. The group intends to meet applicable regulations, including the GENIUS Act and MiCA requirements, before launching globally.

The consortium comprises banks, asset managers, and other financial institutions from four continents: North America, Europe, East Asia, the Middle East, and Africa. The project is a follow-up to an October 2025 announcement by ten banks studying a 1:1 reserve-backed digital money available on public blockchains.

The unnamed venture has not disclosed its operating model, token name, blockchain networks, reserve custodian, governance structure, or final redemption terms. The group will face competition from established issuers like Tether and Circle, but may leverage their existing customer relationships, compliance systems, and payment infrastructure to gain a foothold in the market.