Group of leading international financial institutions to establish stablecoin enterprise
The group aims for its stablecoin solution to go to market in the first half of 2027.
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.” – according to the press release.
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.
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
Ron Shevlin, Chief Research Officer at Cornerstone Advisors commented: “Banks haven’t been “fighting” stablecoins. They’re fighting stablecoins that pay yield, because a yield-bearing stablecoin is a direct assault on deposit pricing. That fight hasn’t ended. What’s changed is that banks now want to build the non-yield version themselves rather than cede the payment rail to Tether and Circle.”
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.
