21 Financial Giants Plan Joint Dollar Stablecoin / Fresh Today / CUToday.info

NEW YORK–A group of 21 global financial institutions, including Bank of America, Citi, Goldman Sachs and Wells Fargo, plans to form a company later this year to issue a U.S. dollar-denominated stablecoin, reports indicate, marking a major push by traditional finance into a market dominated by crypto-native companies.

The still-unnamed venture expects to introduce the stablecoin during the first half of 2027, subject to closing and regulatory conditions. It is targeting wholesale, institutional and retail uses, including cross-border payments and digital-asset settlements, and intends to comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework, according to CoinDesk.

The consortium also includes Capital One, Fidelity Investments, PNC Financial Services, Scotiabank, TD Bank Group, WisdomTree, Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, UBS, MUFG Bank, Sirius International Holding and Standard Bank. The initiative has more than doubled in size since 10 banks announced an exploratory project in October 2025, according to Reuters.

The group eventually plans stablecoins denominated in other Group of Seven currencies, with a euro token the next priority. The venture will compete with Tether’s USDT and Circle’s USDC, which together control roughly 80% of a stablecoin market valued at about $303 billion, as well as Qivalis, a separate 37-member financial consortium preparing to launch a euro stablecoin, Reuters reported.