A group of 21 financial institutions, including Bank of America and Citi, said it plans to form an unnamed company in the second half of 2026, subject to closing conditions, to issue a US dollar stablecoin for payments and digital asset transactions.

The consortium, which also includes Goldman Sachs and UBS, aims to bring the token to market in the first half of 2027. It then plans to add stablecoins tied to other Group of Seven currencies, with a euro-denominated token as a priority.

The effort grew from an initiative announced in October 2025 by 10 banks.

Participants now include Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank, and Standard Bank.

The group said it intends to meet the US GENIUS Act, which sets conditions on who can issue payment stablecoins and typically requires 1:1 reserves and at-par redemption.

It also said it plans to comply with the European Union’s Markets in Crypto-Assets framework.

DeFiLlama data showed the stablecoin market grew from about US$200 billion at the start of 2025 to about US$303 billion as of press time, with Tether’s USDT accounting for about 60% and USDC for more than 20%.

🔗 Source: CoinDesk