A group of 21 major financial institutions announced plans on September 1, 2026 to form a company that would develop and issue stablecoins. The list includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments.
The consortium said its first product would be a US dollar-denominated stablecoin in the first half of 2027, subject to the company's formation and other conditions. A euro-denominated offering is named as the next priority, with other G7 currencies to follow.
It targets wholesale, institutional and retail use cases, including cross-border payments and digital asset settlement. The group said it intends to comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA) where applicable.
The venture builds on an initial group of 10 banks announced in October 2025 that explored a 1:1 reserve-backed digital money on public blockchains. Membership now spans North America, Europe, East Asia, the Middle East and Africa.
Institutional stablecoin activity has deepened. Societe Generale's crypto unit has issued euro- and dollar-pegged stablecoins, and Fidelity recently launched its dollar-pegged FIDD stablecoin.
Cointelegraph (Sep 1, 2026)