LONDON, NEW YORK — Twenty‑one leading international financial institutions have today announced that they have committed to establish a new company in H2 2026, subject to closing conditions, to support the issuance of a stablecoin solution. The new company, whose name will be announced in due course, intends to operate globally, with its initial focus on a USD‑denominated stablecoin offering and a longer‑term ambition of expanding issuance into stablecoins denominated in additional G7 currencies, with a EUR offering as a priority.
The initiative will draw on the expertise of the participant institutions to offer a safe, robust and trusted solution that combines bank‑grade compliance, strong governance, distribution and institutional risk management. The product will be utilised in a variety of use cases covering wholesale, institutional and retail markets where client benefits can be achieved by utilising a trusted form of digital money, including cross-border payments and digital asset settlements.
The group aims for its stablecoin solution to go to market in the first half of 2027.
This follows the announcement in October 2025 that an initial group of ten banks was exploring the issuance of a 1:1 reserve‑backed form of digital money that provides a stable payment asset available on public blockchains.
The group now comprises twenty‑one leading financial institutions headquartered across major geographies, namely:
- North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree
- Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank U.A., UBS
- East Asia: MUFG Bank
- Middle East: Sirius International Holding
- Africa: Standard Bank
The initiative intends to be GENIUS Act and MiCA‑compliant, as applicable. The group will continue to keep appropriate parties updated as the initiative progresses.
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