21 institutions target a digital dollar launch in the first half of 2027

As traditional finance gains more weight in the stablecoin market, 21 major financial institutions including Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments have formed a new company and announced a joint issuance plan. According to the initiative announced on Tuesday, the consortium aims to issue a stablecoin denominated in U.S. dollars in the first half of 2027, if the necessary corporate and operational conditions are met.

The planned product is expected to serve not only institutional clients but also the wholesale market, retail users and financial infrastructure. Key use cases include cross-border payments and settlement of digital asset transactions.

Dollar first, euro next

The consortium’s long-term roadmap is not limited to the dollar. According to the statement, the group also aims to develop stablecoins for other G7 currencies in the future, with the euro set as the first priority for that expansion.

  • Initial issuance target: U.S. dollar stablecoin
  • Next priority: euro-backed stablecoin
  • Target market: Wholesale, institutional and retail use

Regulatory framework and market impact take center stage

The initiative was said to be structured to align, where applicable, with the U.S. GENIUS Act and the European Union’s crypto asset framework MiCA (Markets in Crypto-Assets). The emphasis suggests that as the regulatory backdrop for stablecoins becomes clearer, major banks and asset managers are moving into the sector more visibly.

The current project builds on an announcement made last October, when 10 banks said they were exploring a digital money model operating on public blockchains and backed by 1:1 reserves. Since then, the consortium has more than doubled in size, bringing together institutions from North America, Europe, East Asia, the Middle East and Africa under one roof.

Institutional demand is accelerating

Behind the rising market interest is also a Fireblocks survey released earlier in 2025. In the company’s poll of 295 executives, 90% of respondents said they were using stablecoins or planned to do so.

Other industry moves are also drawing attention. Societe Generale’s crypto subsidiary has issued euro- and dollar-denominated stablecoins, while Fidelity recently launched the dollar-linked FIDD product. Last month, a Hong Kong dollar initiative backed by Standard Chartered was also announced. Singapore is meanwhile reconsidering whether to bring jointly issued cross-border stablecoins into its own regulatory regime.