Global Banks Unite on Stablecoin Venture

Global banking giants are collaborating on a new stablecoin joint venture, set to launch by the end of this year. The unnamed company will be backed by some of the world's largest banks, including Citi and Lloyds Banking Group.

The partners aim to issue a USD-denominated stablecoin in the first half of 2027, with plans to expand into other G7 currencies in the long term, starting with the euro. The stablecoins will be used for various use cases, including cross-border payments and digital asset settlements.

The original group of banks that explored this concept back in October 2025 has grown, with new additions such as BBVA and Scotiabank joining the venture. Barclays and BNP Paribas are no longer part of the group.