Twenty-one major financial institutions including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Fidelity Investments, Wells Fargo and MUFG have committed to establish a new company in H2 2026 to support stablecoin issuance.

The group plans to launch a USD-denominated stablecoin in H1 2027, with additional G7 currencies to follow and the euro as a priority. The stablecoin will target wholesale, institutional and retail use cases, including cross-border payments and digital asset settlement.

The initiative is expected to comply with the U.S. GENIUS Act and EU MiCA where applicable, bringing some of the world's largest financial institutions together to build regulated stablecoin infrastructure.

The move highlights growing institutional adoption of stablecoins, as major banks and financial firms increasingly position dollar-based digital assets as infrastructure for payments, settlement and the broader onchain financial system.

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