21 Banks Including Goldman, Citi, BofA and Deutsche Bank Form Consortium to Launch a Dollar Stablecoin in 2027
Twenty-one financial institutions across North America, Europe, Asia, the Middle East and Africa said on Sept 1 they will form a jointly owned company to issue a reserve-backed US dollar stablecoin on public blockchains in the first half of 2027, with a euro token to follow.
Twenty-one banks and financial institutions announced on September 1 that they intend to create a jointly owned company to issue a US dollar stablecoin on public blockchains. The company is to be set up in the second half of 2026, subject to closing conditions, with the dollar token targeted for the first half of 2027 and a euro token and other G7 currencies to follow.
Who is in
The roster spans five regions. From North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. From Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds, Rabobank and UBS. MUFG Bank represents East Asia, Sirius International Holding the Middle East and Standard Bank Africa.
A smaller exploratory group had disclosed work on the idea in October 2025. BNP Paribas, part of that earlier effort, has since left to join the separate Qivalis initiative. Sources differ on the size of the earlier group, with Genfinity putting it at nine banks and Blockhead and crypto.news at ten.
What the token is meant to do
The announcement, as reported by CoinGape, says the new company will operate globally, initially focusing on a USD stablecoin followed by other G7 currencies such as the euro. The token is described as reserve-backed at 1:1 and intended for wholesale, institutional and retail use, cross-border payments and digital-asset settlement. Blockhead summarized the pitch as combining bank-grade compliance, governance, distribution and risk management.
Several important details are not yet public: which blockchains will be used, how the reserves will be structured and held, and whether end users will hold the tokens directly or only through member banks. Blockhead notes the reserve structure was not disclosed, so the 1:1 backing should be read as the consortium's stated intent rather than a verified design.
The regulatory clock
The timing tracks the two rulebooks the group says it will follow. In the US, the GENIUS Act was signed on July 18, 2025; the OCC is targeting November 2026 for final rules and the framework takes effect on January 18, 2027, only months before the planned launch. In Europe, the euro token would be issued as an e-money token under MiCA. A bank-issued dollar stablecoin with distribution through 21 balance sheets is the most direct challenge yet to Tether's USDT and Circle's USDC, though the incumbents will have had a multi-year head start by the time it ships.