On September 1, 2025, twenty-one global financial institutions, including Citi, Goldman Sachs, Bank of America, Wells Fargo, Santander, Deutsche Bank, UBS and Crédit Agricole, officially created a joint venture to issue a dollar-backed stablecoin, with a commercial launch targeted for the first half of 2027. The consortium, which originated from an exploratory phase of ten banks in October 2025, now comprises 18 banks including 17 globally systemically important institutions, joined by asset managers Fidelity and WisdomTree as well as Sirius International Holding, a subsidiary of Abu Dhabi. The project aims to comply with the US GENIUS Act and the European MiCA regulation, with plans for a gradual expansion to other G7 currencies, starting with the euro, covering cross-border payments and crypto-asset settlement. Facing a stablecoin market worth approximately 290 billion dollars, with nearly 89% captured by Tether’s USDT and Circle’s USDC, the coalition will need to consolidate its lead within eighteen months before this major new entrant truly comes into play.
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