A total of 21 financial institutions from North America, Europe, East Asia, the Middle East, and Africa have committed to establishing a new stablecoin company on September 1, 2026. The main focus of this cross-continental banking alliance is to issue a US dollar-denominated stablecoin, targeting a launch in the first half of 2027.
The list of 21 participating institutions spans major economic regions. From North America, members include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree. Meanwhile, Europe is represented by Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS. The consortium is rounded out by East Asia’s MUFG Bank, alongside Sirius International Holding and Standard Bank representing the Middle East and African markets.
Continuation of an Earlier Project with Undisclosed Details
The newly established joint venture follows an initiative announced in October 2025, when 10 banks began jointly exploring the concept of 1:1 reserve-backed digital currency on public blockchain networks. The consortium’s token is intended to serve multiple use cases, from cross-border payments, wholesale market activities, and large-scale institutional transactions, down to retail applications. Once the US dollar token is up and running, the banking group plans to prioritize a euro stablecoin as its next expansion target.
Despite the high-profile roster, the consortium has kept many specific details under wraps. To date, there has been no announcement regarding the name of the operating company, the token’s ticker or brand, or which public blockchain network will serve as the minting foundation. They have also not disclosed who will act as the custodian for the US dollar reserves or how the company’s governance structure will operate. Written statements so far have only confirmed that their stablecoin intends to comply with the GENIUS Act - US crypto legislation signed by Donald Trump on July 18, 2025.
Strategic Wait for US Regulatory Clarity
The decision to push the rollout to 2027 appears aligned with regulators’ policymaking schedules. The Office of the Comptroller of the Currency (OCC) is still targeting November 2026 to publish final rules governing stablecoins in the United States. By scheduling the launch after the regulatory framework is finalized, the consortium gives itself room to ensure its new token operates on solid legal footing.
Once operational, the stablecoin from this 21-institution alliance will directly enter a market currently dominated by Tether and Circle. Interestingly, JPMorgan opted out of joining the consortium. The bank is reportedly considering launching its own stablecoin via a separate entity, although it currently has no active plans to move forward with the project.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
