21 Major Banks Unite to Launch Stablecoin Initiative

A group of 21 major financial institutions has formed a consortium to develop and issue stablecoins. The initiative includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. These banks plan to launch a US dollar-denominated stablecoin in the first half of 2027, pending the formation of their new company.

The consortium aims to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority. The initiative targets wholesale, institutional, and retail markets, including use cases such as cross-border payments and digital asset settlement.

The banks intend for the venture 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 clearer regulatory pathways created by the passage of these acts.