LONDON/NEW YORK (September 2, 2026) — 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. Stablecoins are used to move money around the world in the form of cryptocurrency, and are mostly used in crypto trading. But a rebound in crypto prices in 2024 and U.S. President Donald Trump’s support for the sector sparked a revival of interest in the idea of using blockchain in the mainstream financial system.
The group will compete with a separate consortium of 37 financial institutions which formed a company called Qivalis and said they plan to launch a euro-pegged stablecoin later this year. Some, including Spanish bank BBVA, are members of both groups. President Trump’s family’s crypto business, World Liberty Financial, has also issued its own stablecoin. Still, there are few signs of demand for stablecoins issued by banks.
The stablecoin market is dominated by El Salvador-based Tether, which says it has issued more than $180 billion worth of its dollar-pegged token and made billions in profits by investing the reserves in assets including U.S. Treasuries. France’s Societe Generale — which is not in either consortium — became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary last year. The token has not been widely adopted, with just $12.5 million in circulation, according to its website.
European Central Bank President Christine Lagarde has warned that privately issued stablecoins pose risks for monetary policy and financial stability.
