21 Major Banks Unite for Stablecoin Launch

A group of major financial institutions has formed a consortium to develop and issue stablecoins. The company, which will be launched in the first half of 2027, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. The US dollar-denominated stablecoin is expected to target wholesale, institutional, and retail markets.

The consortium plans to expand into other G7 currencies, with the euro being its next priority. This move follows the passage of the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA), which have created clearer regulatory pathways for stablecoin adoption.

Institutional interest in stablecoins has been growing, with 90% of respondents to a Fireblocks survey using or planning to use them. Major financial institutions such as Societe Generale and Fidelity have already launched their own stablecoins.