CoinDesk
A consortium of 21 global financial institutions, including Bank of America, Citi, Goldman Sachs, UBS, Wells Fargo, Deutsche Bank, Santander and Fidelity Investments, said Tuesday it will form a new company to issue stablecoins pegged to G7 currencies, with a US dollar token first and a euro coin the priority for expansion. The venture, which is yet to be named, is targeted for establishment in the second half of 2026 and aims to bring its dollar product to market in the first half of 2027. The group plans to comply with both the US GENIUS Act and the EU's MiCA framework where applicable, with later expansion to other G7 currencies.
Why it matters
This is the first time a coalition of this size, spanning North America, Europe, East Asia, the Middle East and Africa, has publicly aligned around a single bank-issued stablecoin framework. The project grew out of an October 2025 initiative when 10 banks first said they were exploring a digital payment asset backed one-for-one by reserves and available on public blockchains. Eleven months later, that exploratory group has more than doubled, with MUFG Bank and Standard Bank among the new entrants. The shift from exploration to a formal corporate vehicle signals that the largest TradFi players have moved past pilots and into product planning.
Market impact
The stablecoin market has nearly doubled in 18 months, climbing from roughly $200B at the start of 2025 to about $303B today per DeFiLlama. USDT still commands around 60% of that total, with USDC above 20%, leaving the rest of the field fragmented across smaller issuers. A GENIUS-compliant, bank-issued alternative arriving in H1 2027 with G7 currency coverage would be the first institutional-grade challenger to that duopoly. The bigger read is structural: regulated settlement rails built by the same institutions that already custody, clear and route payments for the rest of finance would compress the moat that offshore stablecoin issuers have held since 2014.
Frequently asked questions
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Which institutions are part of the new 21-firm stablecoin consortium?
The group includes Bank of America, Citi, Goldman Sachs, UBS, Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank and Standard Bank, alongside other banks and investment firms spanning North America, Europe, East Asia, the Middle East and Africa.
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When will the consortium's stablecoin actually launch?
The new company is targeted for establishment in the second half of 2026, with its first US dollar-denominated stablecoin expected to reach market in the first half of 2027. A euro token is the priority for expansion.
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How does the venture plan to comply with regulation?
The group intends to meet requirements under the US GENIUS Act and the EU's MiCA framework where applicable, around a digital payment asset backed one-for-one by reserves and available on public blockchains.
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How big is the stablecoin market today?
Total stablecoin market capitalization has risen from roughly $200B at the start of 2025 to around $303B as of mid-2026, according to DeFiLlama. USDT accounts for about 60% of that total, with USDC above 20%.
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How does this differ from existing stablecoin issuers?
Unlike Tether or Circle, the new venture is being launched collectively by regulated global banks and asset managers under explicit GENIUS and MiCA compliance, positioning it as the first institutional-grade challenger to the USDT-USDC duopoly.
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