21 Banks to Create Shared USD Stablecoin Issuer for H1 2027

Twenty-one international financial institutions announced on Sept. 1, 2026 they will form a new company in the second half of 2026 to issue a U.S. dollar-denominated stablecoin, with a planned market launch in the first half of 2027. The group described the planned issuer as combining bank-grade compliance, governance, distribution and institutional risk management to support issuance.

The announcement was published through Banco Santander’s press channels in London and New York. The consortium described use cases across wholesale, institutional and retail markets, naming cross-border payments and digital asset settlements. The product is planned as 1:1 reserve-backed digital money intended for public blockchains. The effort expands an exploration that began with ten banks in October 2025.

Participants span North America, Europe, East Asia, the Middle East and Africa. North American firms include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. European members listed are Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Cooperative Rabobank U.A. and UBS. MUFG Bank represents East Asia, Sirius International Holding represents the Middle East, and Standard Bank represents Africa.

The consortium indicated it intends to seek compliance with the GENIUS Act in the United States and the EU’s Markets in Crypto-Assets regulation, MiCA, where those rules apply. The announcement did not name the new company, its domicile, a token ticker, on-chain venue, reserve composition or distribution partners. Formation is subject to unspecified closing conditions, so the commitment is to incorporate an issuer company rather than to begin issuance immediately.

This group is separate from other bank-led stablecoin efforts. It is not the euro-focused Qivalis project, and it is distinct from a joint yen initiative by Japan’s megabanks. MUFG appears in both the new U.S. consortium and the Japan group. Goldman Sachs and JPMorgan are pursuing separate token plans.

Unspecified items that remain critical include the company name and place of incorporation; the reserve and redemption framework to meet GENIUS and MiCA requirements; and which public blockchains and distribution partners will be selected ahead of the H1 2027 target. U.S. rulemaking under the GENIUS Act is not yet complete, and any delay in final rules or in company formation could affect the planned launch timetable.

Until the entity’s structure, licensing status and technical details are published, the announcement should be treated as a multi-bank commitment to form a USD issuer rather than an immediate replacement for existing stablecoins such as USDC or USDT.