Financial Giants Plan Stablecoin Issuer Backed By 21 Major Institutions

TL;DR

• Twenty-one financial institutions plan to form a stablecoin issuer in the second half of 2026, bringing together major global banks and asset managers.
• The venture will initially launch a U.S. dollar stablecoin in the first half of 2027, with a euro-denominated token prioritized for later expansion.
• The group aims to comply with the GENIUS Act and MiCA, entering a $303 billion market dominated by USDT and USDC.

A coalition of 21 major financial institutions plans to establish a new company dedicated to issuing stablecoins for payments and digital-asset settlement, bringing together banks and asset managers across several regions. Participants include Bank of America, Citi, Goldman Sachs, UBS, Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank and Standard Bank. The remarkable feature is the breadth of traditional finance backing a shared stablecoin issuer rather than separate bank-specific projects. The unnamed company is expected to be formed in the second half of 2026, subject to closing conditions.

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