A group of 21 financial institutions, led by Goldman Sachs, Citi, Bank of America and Deutsche Bank, has announced plans to form a joint company to issue a US dollar stablecoin, targeting a m
A group of 21 financial institutions, led by Goldman Sachs, Citi, Bank of America and Deutsche Bank, has announced plans to form a joint company to issue a US dollar stablecoin, targeting a market launch in the first half of 2027.
The group plans to form a company, which is yet to be named, expected to be established in the second half of 2026, subject to closing conditions.The group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority.
Eight of the original ten banks from the October 2025 initiative remain involved, including Banco Santander, Bank of America, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS. Thirteen new names have since joined, with North America adding Capital One, Fidelity Investments, PNC Financial Services, Scotiabank, Wells Fargo and WisdomTree, while Europe adds BBVA, Commerzbank, Crédit Agricole, Lloyds Banking Group and Rabobank.Participants now span North America, Europe, East Asia, the Middle East and Africa.
Notably absent from the expanded roster are Barclays and BNP Paribas, which were part of the original October 2025 exploration but did not carry through to the new consortium.
The consortium said its stablecoin will target wholesale, institutional and retail markets, including use cases such as cross-border payments and digital asset settlement.The group said it intends to meet requirements under the US GENIUS Act and the European Union's Markets in Crypto-Assets (MiCA) framework.
The stablecoin market is currently dominated by El Salvador-based Tether, which says it has issued more than $180 billion worth of its dollar-pegged token.Tether's USDT accounts for around 60% of the total stablecoin market, while USDC, the second-largest competitor, commands more than 20%.The group will also compete with a separate consortium of 37 financial institutions, which formed a company called Qivalis and plans to launch a euro-pegged stablecoin later this year.
The project's expansion from 10 to 21 members in under a year points to growing momentum, though it also means more stakeholders to coordinate ahead of any launch.
Sources:CoinDesk: Citi, Goldman, other global banks and asset managers team up on stablecoin ventureCoinTelegraph: 21 Financial Giants Form Venture for G7 StablecoinsCrypto Briefing: 21 banks consortium plans stablecoin launch in first half of 2027
