Twenty-one financial companies, including Bank of America, Citi and Goldman Sachs, have entered into agreements to form the company in the second half of 2026. The unnamed company would issue its U.S. dollar-pegged coin between January and June 2027, subject to satisfaction of the closing conditions, according to the release from the banks.
This includes banks, asset managers and financial institutions across four continents. In North America, the pilot includes Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree.
The European members are Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS. The East Asia, Middle East and Africa members are MUFG Bank, Sirius International Holding and Standard Bank.
The consortium said the stablecoin will be intended for wholesale, institutional and retail purposes, such as cross-border payments and digital-asset settlement by combining the reach of the participants’ distribution networks with bank-grade compliance, governance and institutional risk management capabilities.
In the long term, the joint venture plans to extend the issuance of stablecoins to other G7 currencies, starting with the euro.
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The project builds upon previously announced plans by the ten banks in October 2025 to explore the feasibility of building a 1:1 reserve-backed private form of digital currency operating on public blockchains. The latest announcement is a precursor to establishing an operating company, and no technical or commercial details of the proposals have been disclosed.
The group has not said which blockchain networks the token will be issued on, where reserves backing the token will be held, how governance and redemptions will work, or whether customers will be able to hold and transfer the stablecoin directly or whether they will need to do so through participating institutions and approved providers.
The project will comply with the United States GENIUS Act and the European Union Markets in Crypto-Assets regulation, where appropriate. The GENIUS Act created a federal framework for payment stablecoins and their underlying eligible reserves, redemption protections and disclosures. A future euro-denominated token would also have had to comply with the stablecoin framework in MiCA.
The product would arrive in a market already populated by incumbent private issuers and in a financial services landscape still assessing stablecoins and tokenized deposits. For the 21-member cohort, the immediate milestones to the launch include formation of the corporate body in 2026 and a release of the dollar token in the first half of 2027.
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As of now, however, the company’s name, token branding, supported networks and the role it will play in the token’s ecosystem will only be revealed with future disclosures. The final reserve configuration, issuance mechanism and jurisdictional framework remain unknown.
These parameters define how the token will be distributed and redeemable across the markets and the roles of the consortium members involved before the token launch.
