21 Banks Unite to Launch US Dollar Stablecoin by 2027
A group of 21 financial institutions is planning to launch a US dollar stablecoin in the first half of 2027. The group includes MUFG Bank from Japan, Sirius International Holding from the Middle East, and Standard Bank from Africa. Its European members are Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS.
The North American institutions include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree. The group has committed to establishing a company in the second half of 2026, subject to closing conditions.
The US dollar stablecoin is intended for wholesale, institutional, and retail markets and could be used for cross-border payments and digital asset settlements. The project will also comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation where applicable.