Twenty-one financial institutions committed on Sept. 1 to form a stablecoin company in the second half of 2026.

The group plans to launch a US dollar stablecoin in the first half of 2027. A euro stablecoin is the next priority after the dollar token. The venture intends to follow the GENIUS Act and MiCA rules once those frameworks apply. Key details, including the blockchain network and reserve custodian, have not yet been disclosed.

Twenty-one financial institutions have agreed to build a company that will support a new US dollar stablecoin. The commitment was announced on Sept. 1, 2026.

The group includes Bank of America, Citi, and Goldman Sachs. It also includes Wells Fargo, Fidelity Investments, and 16 other banks and asset managers.

The plan is to launch the dollar stablecoin in the first half of 2027, subject to closing conditions being met.

After the dollar token, the group wants to develop a euro stablecoin. Other G7 currency tokens could follow later.

The stablecoin is intended for multiple uses. Banks want it to support payments between institutions, settlement for digital assets, and everyday retail use.

21 MAJOR BANKS INCLUDING BANK OF AMERICA, CITI, GOLDMAN SACHS, DEUTSCHE BANK AND UBS COMMIT TO A JOINT USD STABLECOIN COMPANY, TARGETING A H1 2027 LAUNCH — The Wolf Of All Streets (@scottmelker) September 1, 2026

A Global List of Banks

The firms involved span North America, Europe, East Asia, and the Middle East and Africa. North American names include Capital One, PNC Financial Services, and TD Bank Group.

European members include Deutsche Bank, UBS, and Lloyds Banking Group. MUFG Bank represents East Asia, while Standard Bank represents Africa.

The company itself does not yet have a name. The token name, blockchain choice, and reserve custodian have also not been decided.

The group said it wants to combine bank compliance systems with broad distribution networks, a combination that would put regulated incumbents more directly into a market now led by Tether and Circle. That claim cannot be assessed until the product launches.

From a Small Study to a Bigger Plan

The effort grew out of an earlier initiative. In October 2025, 10 banks said they were studying a reserve-backed digital token.

That group has now expanded to 21 members, and the project has moved from research into the formation of an actual company.

The stablecoin market already has major players. Tether and Circle currently lead that space.

JPMorgan has also discussed a stablecoin of its own, though the bank has said it has no active launch plan right now.

Two sets of rules will shape how the token can operate. The first is the US GENIUS Act, signed into law in July 2025.

That law requires stablecoins to be backed one to one by liquid reserves. It also requires regular reporting and blocks issuers from paying interest on the token.

Some of the law’s rules are still being finalized. The Office of the Comptroller of the Currency is aiming to issue final rules by November 2026.

A euro stablecoin would need to comply with separate European rules known as MiCA. That regulation covers reserves, disclosures, and how a token can be redeemed.

The consortium has not said which entity would issue the euro token or where it would be licensed. That decision will determine which regulator oversees it.

For now, the project remains a plan rather than a finished product, with the next update likely tied to how the company is structured later in 2026 and whether the launch timeline holds. The post Bank of America and Citi Join 21-Firm USD Stablecoin Plan appeared first on Blockonomi.