A collective of 21 banking institutions, consisting of names like Bank of America, Citi, Goldman Sachs, and UBS, announced on Tuesday their intention to set up an enterprise focused on issuing stablecoins designed for transactions and digital asset settlement.
The corporation, which currently lacks a public title, is anticipated to launch during the latter half of the year, contingent upon closing conditions, as noted by the consortium in a press release.
This initiative plans to debut with a U.S. dollar-pegged stablecoin, aiming to introduce the asset to the market during the initial half of 2027. Following that, it intends to incorporate stablecoins tied to alternative Group of Seven currencies down the road, prioritizing a euro-pegged token.
The project evolved from a concept first revealed in October 2025, when 10 banks communicated they were investigating a digital payment mechanism backed one-to-one by reserves and accessible on public blockchains.
Current participants now encompass North America, Europe, East Asia, the Middle East, and Africa. The roster features Wells Fargo, Deutsche Bank, Santander, Fidelity Investments, MUFG Bank, and Standard Bank, alongside additional banks and investment houses, according to the official statement.
The consortium confirmed its objective to comply with standards set by the U.S. GENIUS Act as well as the European Union’s Markets in Crypto-Assets regulatory framework.
This fresh undertaking arrives while the stablecoin ecosystem continues its rapid expansion. Total market capitalization for this segment of the cryptocurrency economy grew from approximately $200 billion at the start of last year to roughly $303 billion at the time of publication, based on figures from DeFiLlama.
The vast majority of this market is dominated by U.S.-dollar-anchored stablecoins, where Tether’s USDT holds 60% of the aggregate. Circle’s CRCL$101.60·At close USDC, serving as the runner-up rival, maintains more than a 20% share.
Circle’s equity experienced a significant downturn in June after over 140 corporations, including Stripe, Coinbase, Visa, Mastercard, and BlackRock, unveiled intentions to deploy the Open USD stablecoin, widely viewed as a direct competitor to USDC.
Now, with another enterprise stablecoin project supported by major financial heavyweights, investor sentiment is likely to face renewed pressure. Circle equities fell about 6% during today’s trading hours, trailing behind the broader crypto-associated equities.
UPDATE (Sept. 1, 2026, 17:32 UTC): Incorporates specifics regarding OpenUSD and refreshes Circle market performance.
UPDATE (Sept. 1, 2026, 16:02 UTC): Incorporates Circle market performance.
Originally published at https://www.coindesk.com/business/2026/09/01/citi-goldman-other-global-banks-and-asset-managers-team-up-on-stablecoin-venture.
