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Consortium targets 2027 USD stablecoin launch
The unnamed venture plans to issue a U.S. dollar-denominated stablecoin during the first half of 2027. The group said it may later introduce tokens linked to other G7 currencies, with a euro stablecoin named as its first expansion priority. The institutions intend to use the token across wholesale, institutional, and retail markets. Proposed uses include cross-border payments and settlement for digital asset transactions.
The announcement remains a development plan rather than a completed launch. The group has not disclosed the company's name, token name, blockchain networks, reserve custodian, governance structure, or final redemption terms. The consortium said the venture intends to meet applicable GENIUS Act and MiCA requirements before beginning global operations.
Stablecoin group spans four continents
The consortium comprises banks, asset managers, and other financial institutions based across North America, Europe, East Asia, the Middle East, and Africa. Its North American participants include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree. European members include Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, and UBS. MUFG Bank represents East Asia, while Sirius International Holding and Standard Bank represent the Middle East and Africa.
The group said the project would combine the participants' distribution networks with bank compliance, governance, and risk-management systems. MUFG confirmed its participation through a separate release dated September 2, and BBVA published the consortium announcement through its corporate news service. No later disclosure had named the operating company or assigned specific roles to individual members.
USD stablecoin plan grew from 10-bank study
The project follows an October 2025 announcement in which 10 banks said they were studying a 1:1 reserve-backed form of digital money available on public blockchains. The latest announcement expands that initial group to 21 institutions and moves the project from exploration toward establishing a dedicated company. However, the consortium has not yet identified which public blockchains it will support or whether users will be able to hold and transfer tokens directly.
The product's proposed user base is broad. Wholesale use could include transfers between banks or large companies. Institutional uses could involve settlement for tokenized securities and other digital assets. Retail applications could include payments, although the consortium has not released a consumer distribution plan. The planned token would enter a market currently led by established issuers such as Tether and Circle.
GENIUS Act compliance before launch
The consortium said the dollar stablecoin intends to comply with the U.S. GENIUS Act where applicable. The law establishes licensing and supervision requirements, calls for stablecoins to be backed one-to-one by eligible liquid reserves, provides redemption protections, and requires regular reserve disclosures. Issuers cannot pay interest or yield solely for holding a covered payment stablecoin.
Several implementing regulations were still unfinished after federal agencies missed a July 2026 rulemaking deadline. The Office of the Comptroller of the Currency is targeting November 2026 for final rules. The statute's timing could place the federal framework into effect around the period when the bank consortium is preparing its 2027 launch.
A euro token would face MiCA requirements. A token pegged to one official currency, such as the euro, generally falls within MiCA's electronic money token category. Issuers face authorization, reserve, disclosure, and redemption requirements, with additional supervision possible if a token reaches regulatory importance thresholds. The consortium also said it intends to comply with MiCA when applicable, though it did not specify which legal entity would issue its planned euro token or where that issuer would be licensed.
