Global Bank Stablecoin Consortium Launches Targeting H1 2027
A group of 21 international banks has formed a consortium to launch a global bank stablecoin in the first half of 2027. The new company will support the issuance of a single USD-denominated offering, with plans for versions in additional G7 currencies, including a euro token as the priority.
The consortium includes banks from North America (10), Europe (8), and Asia, Middle East, and Africa (3). It aims to cover wholesale, institutional, and retail users, including cross-border payments and digital asset settlement. The token will run on public blockchains rather than a closed private ledger.
The economics of reserve-backed stablecoins are driving the banks' decision to launch their own dollar token. Banks can earn yield on short-term Treasuries and keep that income. Tether alone generates billions annually from this model, which has been outside the banks' control for years.
The consortium says it intends to comply with the GENIUS Act and MiCA where applicable. However, Europe presents a harder problem due to the European Central Bank's push to restrict jointly issued multi-jurisdictional stablecoins.