Twenty-one financial institutions have committed to form a new company in the second half of 2026 to support stablecoin issuance, with an initial focus on a U.S. dollar-denominated product.

The group says the planned company, still unnamed, is targeting a market launch in the first half of 2027, subject to closing conditions. Its longer-term ambition is to issue stablecoins in additional G7 currencies, with a euro offering listed as a priority.

Participants include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree, Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, Lloyds, Rabobank, UBS, MUFG Bank, Sirius International Holding, and Standard Bank.

The announcement expands an October 2025 effort that began with ten banks exploring a 1:1 reserve-backed form of digital money available on public blockchains. The new roster adds asset managers and banks across North America, Europe, East Asia, the Middle East, and Africa.

The stated use cases include cross-border payments and digital asset settlement across wholesale, institutional, and retail markets. The group also says the initiative intends to comply with the U.S. GENIUS Act and Europe's MiCA rules where applicable.

The cautious read is that this is still a formation plan, not a live stablecoin. But the number and profile of participating firms make it a concrete signal that large banks and asset managers are moving from exploratory tokenized-money work toward shared issuance infrastructure.