A consortium of international financial institutions has committed to establish a new firm in the second half of 2026 to support the issuance of a stablecoin solution, initially focused on a US dollar-pegged offering, subject to closing conditions.
Longer-term, the consortium intends to expand issuance into G7 currency-denominated stablecoins, with a euro-backed offering as a priority.
The participating institutions span major geographies across the globe.
North American consortium members include the Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree.
The European members are Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank, and UBS.
Rounding out the group are East Asia’s MUFG Bank, Middle East-based Sirius International Holding, and Africa’s Standard Bank.
The group will draw on the knowledge of its participants to offer a “safe, robust, and trusted solution that combines bank-grade compliance, strong governance, distribution, and institutional risk management”.
The initiative, intended to be both GENIUS Act and Markets in Crypto-Assets (MiCA)-compliant, aims to go to market in the first half of 2027.
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