21 institutions plan $US stablecoin venture

• Twenty-one financial institutions plan to establish a company for a US dollar stablecoin.
• The group targets a launch in the first half of 2027, subject to conditions.
• The venture plans to expand into other G7 currencies, with the euro as its next priority.

Twenty-one financial institutions plan to establish a new company for a US dollar stablecoin.

The group targets the first half of 2027, after growing from 10 members in October 2025.

The planned stablecoin would support wholesale, institutional and retail uses, including cross-border payments.

The group also plans to support digital asset settlements and comply with US and European rules where applicable.

Following the announcement, Bank of America shares closed 0.08% higher at $61.99 on September 1.

The group includes Goldman Sachs, Citi, Deutsche Bank and UBS.

The venture would initially issue a dollar stablecoin, then expand to other G7 currencies with the euro prioritised.