A consortium of 21 major financial institutions including Bank of America, Citi, Goldman Sachs, Deutsche Bank and UBS announced plans on September 1 to establish a new company that will issue a USD-denominated stablecoin, with a market launch targeted for the first half of 2027. The group, which grew from an initial 10 global systemically important banks that began exploratory talks in October 2025, now includes 17 G-SIBs and 18 banks in total. The issuing company is scheduled to be formally established in the second half of 2026, with initial use cases focusing on wholesale, institutional and retail payments, as well as cross-border transactions and digital asset settlements. The project aims to comply with US GENIUS Act requirements and EU MiCA regulations. Japan’s megabanks have set live transaction goals for blockchain-based payments by March 2027.
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