21 financial giants form venture to issue G7 stablecoins

Twenty-one financial institutions plan to establish a company to develop and issue stablecoins. The consortium plans to launch a US dollar-denominated stablecoin in the first half of 2027. The launch depends on the company's formation and other conditions. The consortium plans to expand into stablecoins denominated in other G7 currencies. The group identifies a euro-denominated stablecoin as its next priority. The stablecoin will target wholesale, institutional and retail markets. Planned use cases include cross-border payments and digital asset settlement. The initiative is intended to comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation, where applicable. The consortium includes Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The venture follows an initiative announced last October by an initial group of 10 banks. That initiative explored a 1:1 reserve-backed form of digital money on public blockchains. The consortium now includes institutions from North America, Europe, East Asia, the Middle East and Africa. A Fireblocks survey of 295 executives in early 2025 found that 90% were using or planning to use stablecoins. Societe Generale's crypto subsidiary has issued euro- and dollar-denominated stablecoins. Fidelity has launched its US dollar-pegged FIDD stablecoin. Standard Chartered backed a Hong Kong dollar stablecoin venture last month.