Banks and asset managers plan a joint stablecoin

Twenty-one banks and asset managers will form a company this year to issue a joint stablecoin, according to CoinDesk. The company itself is set to form in the second half of 2026.

The group spans 21 institutions across the US and Europe, targeting a first-half 2027 launch. Coordinating that many direct competitors on one token, on that timeline, is unusual.

Members include Bank of America, Capital One, Citi, Fidelity, Goldman Sachs, PNC, Wells Fargo, Santander, BBVA, Deutsche Bank, Lloyds, UBS, MUFG and Standard Bank. The dollar token comes first, with a euro version planned next. The venture is meant to comply with the GENIUS Act in the US and MiCA in the EU.

None of the mechanics are public yet. No company name, no token name, no blockchain network, no reserve custodian, no governance structure, and no redemption terms have been disclosed. Twenty-one institutions have committed before any of that is settled.