ISTANBUL, Sept 2 (Bernama-Anadolu) -- A group of 21 major global financial institutions, including Bank of America, Wells Fargo, Deutsche Bank and UBS, announced plans to establish a joint company to support the issuance of stablecoins, Anadolu Ajansi reported.
The yet-to-be-named company is expected to be established in the second half of 2026, subject to the completion of required procedures, according to a joint statement released Tuesday.
It plans to operate globally and initially focus on issuing a US dollar-denominated stablecoin, scheduled to enter the market in the first half of 2027.
The group later aims to expand into stablecoins denominated in other Group of Seven currencies, with a euro-denominated offering identified as a priority.
The proposed stablecoin could be used across wholesale, institutional and retail markets, including for cross-border payments and the settlement of digital assets.
The group said the project will draw on the participating institutions' expertise in compliance, governance and risk management and that it is set to comply, where applicable, with the US GENIUS Act and the EU’s Markets in Crypto-Assets regulatory framework.
The project follows an announcement in October 2025, when 10 banks said they were exploring the issuance of a reserve-backed form of digital money available on public blockchains.
The expanded group comprises Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree from North America.
European participants include Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank and UBS.
Japan's MUFG Bank, Abu Dhabi-based Sirius International Holding and South Africa's Standard Bank are also taking part.
Stablecoins are digital assets designed to maintain a stable value by being pegged to conventional assets, most commonly currencies such as the US dollar. They are increasingly being explored for payments and settlements because blockchain-based transactions can operate around the clock and across borders.
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