Consortium of 21 global banks plans stablecoin venture for H2 2026

Twenty-one major financial institutions including Bank of America, Goldman Sachs, Citigroup, Wells Fargo, Deutsche Bank, UBS and Mitsubishi UFJ plan to form a new company in the second half of 2026 to develop stablecoin solutions, PR Newswire reported. The group said the stablecoin would be fully reserved on a 1:1 basis, launching first with U.S. dollar-denominated products and later expanding to other G7 currencies, with the euro slated as the next priority. The first products are expected to go live in the first half of 2027, targeting wholesale, institutional and retail use cases such as cross-border payments and digital-asset settlement. The venture said it will operate in line with the U.S. GENIUS Act and the EU's MiCA framework.