21 institutions plan $US stablecoin venture
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- 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.
