A group of 21 major financial institutions plans to create a new company to develop and issue stablecoins.

The consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments. Initially, they plan to launch a dollar-denominated stablecoin in the first half of 2027. At the same time, the group plans to expand into other G7 currencies, with priority given to a euro token.

The stablecoin will target wholesale, institutional, and retail markets. It will enable cross-border payments and settlements for digital assets. At the same time, their products will comply with the U.S. GENIUS Act and the EU’s MiCA.