TLDR
- 21 financial institutions, including Goldman Sachs, Citi, and Bank of America, plan to launch a stablecoin company in the second half of 2026.
- The venture will first issue a U.S. dollar stablecoin, targeting a market launch in the first half of 2027.
- A euro-denominated stablecoin is next in line, with other G7 currency tokens planned after that.
- The consortium aims to comply with both the U.S. GENIUS Act and the EU’s MiCA framework.
- Circle shares dropped around 6% on the news, as the venture is seen as added competition for its USDC stablecoin.
A group of 21 major financial institutions has announced plans to form a new company focused on issuing stablecoins for payments and digital asset settlement. The consortium includes Goldman Sachs, Citi, Bank of America, Deutsche Bank, UBS, Santander, Wells Fargo, MUFG Bank, Fidelity Investments, and Standard Bank, among others.
🚨HUGE: 21 of the world’s LARGEST banks are teaming up to launch their OWN stablecoin.
Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo, Fidelity and 14 others will form a new company to issue a dollar-backed stablecoin, with a launch targeted for the first… pic.twitter.com/S68bnhj7sM
— Coin Bureau (@coinbureau) September 1, 2026
The company is expected to be established in the second half of 2026, subject to closing conditions. Participants span North America, Europe, East Asia, the Middle East, and Africa.
The group plans to launch a U.S. dollar-denominated stablecoin first, with a target market date in the first half of 2027. A euro-denominated token has been named the next priority, with other G7 currency stablecoins planned for later.
The stablecoin is intended for wholesale, institutional, and retail use. Use cases include cross-border payments and digital asset settlement.
Regulatory Compliance at the Core
The consortium said it plans to comply with both the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation, known as MiCA. These frameworks have helped create clearer legal paths for stablecoin adoption.
The project is not entirely new. In October 2025, an initial group of 10 banks said they were exploring a reserve-backed digital payment asset available on public blockchains. That group has since more than doubled in size.
Other institutions have been moving in the same direction. Societe Generale’s crypto subsidiary has already issued euro and dollar stablecoins. Fidelity launched its own U.S. dollar stablecoin called FIDD. Standard Chartered backed a Hong Kong dollar stablecoin venture last month.
A 2025 Fireblocks survey of 295 executives found that 90% were already using or planning to use stablecoins, showing the appetite was building well before this announcement.
Circle Shares Take a Hit
The stablecoin market has grown from around $200 billion at the start of last year to roughly $303 billion today. Tether’s USDT holds about 60% of that market. Circle’s USDC holds just over 20%.
Circle has already faced pressure this year. In June, more than 140 companies, including Stripe, Coinbase, Visa, Mastercard, and BlackRock, announced plans to launch a rival stablecoin called Open USD.
The latest news added more pressure. Circle shares fell around 6% on Tuesday, underperforming most other crypto-linked stocks.
Singapore is also reviewing its stablecoin rules. The country is considering allowing jointly issued cross-border stablecoins into its regulatory framework, moving away from a previous policy that limited issuance to domestic tokens.
The new company has not yet been named.
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