Mars Finance reports that 21 banks and asset management firms, including Bank of America, Citigroup, Goldman Sachs, UBS, and Deutsche Bank, have announced plans to establish a joint venture in the second half of 2026 to issue a U.S. dollar stablecoin, with a target launch in the first half of 2027, and subsequently expand to other G7 currencies, starting with the euro. The announcement did not disclose the company’s name, shareholder structure, management, custodian, or reserve manager. The group is based on a statement issued by 10 banks on October 10, 2025, announcing that they were exploring a digital currency backed by 1:1 reserves. Eight of the original 10 institutions—Santander, Bank of America, Citigroup, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS—continue to participate, while Barclays and BNP Paribas are absent. New participants include Capital One, Fidelity Investments, PNC, Scotiabank, Wells Fargo, WisdomTree, BBVA, Commerzbank, Crédit Agricole, Lloyds Bank, Rabobank, Sirius International Holding, a subsidiary of Abu Dhabi International Holding, and Standard Bank of South Africa, with Fidelity and WisdomTree being asset management firms. The joint venture said it will comply with the GENIUS Act and MiCA regulations, serving wholesale, institutional, and retail markets for cross-border payments and digital asset settlement. The stablecoin market is currently dominated by Tether and Circle, which together account for approximately 83% of the supply. In addition, six of the 21 institutions also support the shared tokenized deposit network led by a U.S. clearinghouse, while JPMorgan Chase is not among the 21 institutions.

BAC0.09%

C0.20%

GS0.05%

PNC2.23%

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RugSurvivor

· 4 hours ago

The US dollar stablecoin came first, with the euro following. Will every G7 country eventually have its own on-chain fiat currency?

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EIP3074Fan

· 5 hours ago

21 banks join forces to issue a stablecoin—the lineup is even more impressive than USDC, but reserve transparency will need close scrutiny.

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PhishLinkShredder

· 6 hours ago

Fidelity, WisdomTree, and other asset managers entering the space is interesting—will fund purchases be settled directly on-chain in the future?

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MaxDD_Controller

· 6 hours ago

Traditional financial giants are finally making a move—is launching only in 2027 a bit too slow?

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21 financial institutions plan to jointly issue a USD stablecoin, aiming to launch in the first half of 2027

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