21 Major Banks Unite for Stablecoin Launch in 2027

A group of 21 major financial institutions is planning to launch a new company to develop and issue stablecoins. The consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. They plan to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the company's formation and other conditions.

The group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority. The consortium said its stablecoin will target wholesale, institutional, and retail markets, including use cases such as cross-border payments and digital asset settlement.

The initiative is intended to comply with both the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA), where applicable. This move comes as stablecoins have grown considerably in recent years, with the passage of these regulatory frameworks creating clearer pathways for adoption.