Bank of America, Goldman Sachs, Citi, and Deutsche Bank have joined a 21-firm consortium to launch a regulated US dollar stablecoin in 2027.
A group of 21 financial institutions, including Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, and Fidelity Investments, has announced plans to form a dedicated company to develop and issue a regulated US dollar stablecoin. The consortium is targeting a launch in the first half of 2027, contingent on the formation of the new entity and the fulfilment of other unspecified conditions.
A wider coalition builds toward regulated stablecoins
According to the announcement, the planned stablecoin is intended to serve wholesale, institutional, and retail use cases, with cross-border payments and digital asset settlement cited as proposed applications. The consortium has framed these as areas where stablecoins could reduce friction relative to existing settlement processes. Beyond the initial dollar product, the group has said it intends to expand into other G7-denominated stablecoins, identifying a euro-denominated coin as its next priority after the US dollar launch.
The initiative builds on an earlier effort disclosed in October 2025, when ten banks said they were examining a reserve-backed digital money model operating on public blockchains. The consortium's membership has since more than doubled to 21 institutions, now spanning North America, Europe, East Asia, the Middle East, and Africa. The broader geographic spread indicates that the discussion has moved from individual exploration toward coordinated planning, a step generally associated with establishing shared standards and addressing cross-border legal and operational requirements.
Regulatory alignment with GENIUS and MiCA
The consortium has said its stablecoin design is intended to comply with the US GENIUS Act and, where applicable, the EU's Markets in Crypto-Assets Regulation (MiCA). Regulatory clarity in both jurisdictions is a factor that can influence bank participation, custodial arrangements, and the willingness of payment networks to integrate stablecoin infrastructure. Separately, Singapore has signalled it is reconsidering restrictions that currently limit its regulatory framework to domestically issued stablecoins, a development that could affect how cross-border consortium models are structured in the future.
Institutional momentum across the market
The announcement follows other signs of stablecoin adoption among established financial firms. Societe Generale's crypto subsidiary has issued euro- and dollar-denominated stablecoins, Fidelity has launched a US dollar-pegged stablecoin called FIDD, and Standard Chartered has backed a Hong Kong dollar stablecoin venture. Separately, a Fireblocks survey of 295 executives conducted in 2025 found that 90% of respondents were using or planning to use stablecoins.
The consortium has not detailed reserve or issuance mechanics beyond its compliance framing. Its ability to complete the corporate structure, satisfy regulatory requirements, and finalise governance arrangements will determine whether the first-half-2027 target for a US dollar stablecoin is met, and how quickly a euro-denominated product might follow.
