(7 September 2026 – United States) A consortium of 21 financial institutions (FIs) including Goldman Sachs, Citi, BofA and UBS are set to form a company for US Dollar (USD) stablecoin issuance, payments and digital asset transactions.
The group announced they will launch a US Dollar-denominated stablecoin planned for release in market in H1 2027, seeking to add stablecoins tied to other G7 currencies to follow with a Euro-denominated token a key priority.
In Europe, the group includes Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds, Rabobank and UBS. In Asia, MUFG Bank, Sirius International Holding in the Middle East and Standard Bank in Africa.
The venture plans to meet requirements under the US GENIUS Act and the European Union’s Markets in Crypto-Assets framework with a 1:1 reserve-backed stablecoin or token on public blockchains for wholesale, institutional, and retail use, including cross border payments and digital asset settlements.
The new company is a direct competitor to a separate consortium of 37 firms, Qivalis, that plans a EUR-pegged stablecoin, BlackRock, Coinbase, Ripple, Mastercard and a several associated firms are also partnering to launch the Open Standard’s OUSD stablecoin.
“The stablecoin market is dominated by El Salvador-based Tether, which says it has issued more than US$180 billion worth of its dollar-pegged token and made billions in profits by investing the reserves in assets including US Treasuries” stated Reuters Fintech Correspondent, Elizabeth Howcroft.
“France’s Societe Generale, which is not in either consortium, became the first major bank to issue a dollar-backed stablecoin through its digital asset subsidiary last year. The token has not been widely adopted, with just US$12.5 million in circulation. European Central Bank President Christine Lagarde has warned that privately issued stablecoins pose risks for monetary policy and financial stability.”