21 major financial institutions are moving to establish a new company tasked with developing and issuing stablecoins, as further evidence of the acceleration of traditional finance entering digital assets amid clearer regulatory frameworks in several key markets.
The coalition includes prominent names such as Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. According to the announcement, the group plans to launch a U.S.-dollar-pegged stablecoin in the first half of 2027, subject to the company’s formation and the fulfillment of other conditions related to the project.
Ambition does not stop at the dollar alone, as the alliance later plans to expand into stablecoins denominated in other currencies from the G7 group. The euro-denominated coin comes at the top of the priorities that follow, reflecting a clear desire to build a multi-currency digital payments infrastructure that can serve broader markets.
According to the statement, the targeted stablecoin will serve wholesale markets, institutions, and individuals, with use cases including cross-border payments and digital asset settlement. The project has also been designed to be compatible, where applicable, with the GENIUS Act in the United States and with the EU’s MiCA regulation.
This move builds on an initiative announced last October, when an initial group of 10 banks said it is studying a form of digital money supported by 1:1 reserves and built on public blockchain networks. Since then, the size of the alliance has more than doubled, bringing together financial institutions from North America, Europe, East Asia, the Middle East, and Africa.
This step is of particular importance at a time when stablecoins have seen remarkable growth in recent years, alongside the emergence of clearer regulatory pathways in the United States and the European Union. This development could provide major financial institutions with a clearer framework for entering the sector, along with a potential impact on liquidity and institutional adoption in digital-asset markets.
These moves also coincide with a widening of institutional interest worldwide. Earlier in 2025, a survey of 295 chief executive officers showed that 90% of participants either use stablecoins or plan to use them. In the same context, major financial institutions have expanded their presence in the sector, including Societe Generale’s digital-asset arm, which has issued euro- and dollar-denominated stablecoins, along with Fidelity’s launch of the FIDD coin tied to the US dollar.