Consortium of 21 Major Banks Targets 2027 Launch for New Stablecoin Venture

A consortium of twenty-one leading international financial institutions is preparing to establish a new company in the latter half of this year to issue a highly anticipated stablecoin. The venture will operate on a global scale, though the company’s name has not yet been disclosed.

The consortium’s first product will be a US dollar-pegged stablecoin. Beyond this initial launch, the group has outlined plans to introduce stablecoins tied to other G7 currencies, naming a euro-denominated version as a near-term priority.

The group has set a target of the first half of 2027 for the stablecoin’s market debut. This announcement follows an earlier update from October 2025, when an initial group of ten banks said it was exploring the issuance of a 1:1 reserve-backed form of digital money.

The expanded group now spans banks headquartered across multiple regions worldwide. Members include Bank of America, Goldman Sachs, Scotiabank, TD Bank Group, Wells Fargo, Banco Santander, BBVA, Commerzbank, Deutsche Bank, Lloyds Banking Group, MUFG Bank, and Standard Bank.

According to the announcement, the initiative will use the participating institutions’ capabilities to deliver a “safe, robust, and trusted solution.” The effort will bring together “bank-grade compliance, strong governance, distribution, and institutional risk management,” the statement added.

The stablecoin will be designed with three market segments in mind: wholesale, institutional, and retail users. Proposed applications include cross-border payments and the settlement of digital assets.

On regulatory compliance, the initiative stated it intends to be “GENIUS Act and MiCA-compliant, as applicable.” The banks said further updates will be shared with stakeholders as the project develops.

This announcement comes amid broader movement in the stablecoin space. Earlier this year, a separate company named Open Standard announced its own dollar-pegged stablecoin, Open USD. That initiative has secured backing from more than 140 companies, including payment networks Visa and Mastercard.

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