21 Banks Plan Joint Company to Issue Dollar Stablecoin
DeFi & Yields ·
A group of 21 major financial institutions, including Bank of America, Citi and Goldman Sachs, has agreed to build a shared entity for stablecoin issuance ahead of a dollar-token launch targeted for the first half of 2027.
The consortium, which also counts Deutsche Bank, UBS, Fidelity Investments, Wells Fargo and MUFG among its members, intends to set up the new company in the second half of 2026 as the vehicle for the effort, according to wublockchain.xyz. A dollar-denominated token is slated to follow in H1 2027, with plans to expand into other G7 currencies afterward and the euro singled out as the next priority once the dollar version is live.
The banks are positioning the token for a broad range of uses spanning wholesale markets, institutional operations and retail activity, with cross-border payments and settlement of digital assets named as core applications. Compliance is built into the design from the outset: the group expects the stablecoin to meet the requirements of the U.S. GENIUS Act and, where relevant, the EU's MiCA framework, tying the project to two of the most significant regulatory regimes now governing digital-dollar and euro-denominated tokens.
The move has been described separately as a formal announcement establishing a stablecoin enterprise, according to a release distributed via prnewswire.com, underscoring that this is a coordinated corporate undertaking rather than a preliminary discussion among the banks. Multiple outlets covering the same development have converged on the same core figures — 21 institutions, a 2026 entity formation, and a 2027 launch window — lending consistency to the account of the plan across at least four distinct sources.
What remains unspecified is the governance structure of the new company, how issuance and reserve management will be divided among the 21 participants, and which entity or entities will hold primary regulatory responsibility under GENIUS Act and MiCA oversight. Also unclear is the exact sequencing and timeline for the additional G7 currencies and the euro token once the dollar stablecoin goes live, and how the joint venture will interact with existing bank-issued or bank-affiliated stablecoin efforts already in the market.