The planned venture will initially focus on a US dollar stablecoin before expanding to other G7 currencies, with a euro-denominated offering next.
A group of 21 major financial institutions plans to establish a new company to develop and issue stablecoins, offering another sign of traditional finance’s push into digital dollars as regulatory frameworks take shape.
The consortium, announced Tuesday, includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. It plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the company’s formation and other conditions.
According to the announcement, the group ultimately plans to expand into stablecoins denominated in other G7 currencies, with a euro offering identified as its next priority.
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