By Marc Baumann
On 1 September 2026, 21 financial firms committed to form a company that will issue one shared dollar stablecoin. Target launch: the first half of 2027. Seventeen of the 21 are globally systemic banks.
Bank of America, Citi, Goldman Sachs, Wells Fargo, UBS, Deutsche Bank, Santander, MUFG and Standard Bank are all in. The company itself does not exist yet. It has no name, no charter, and no chief executive.
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What Happened
Twenty-one financial firms, 18 of them banks, agreed to set up a jointly owned company that will issue a single dollar-pegged stablecoin. Formation is due in the second half of 2026, subject to closing conditions. The coin itself is targeted at the first half of 2027, with a euro version named as the next priority. Reuters first reported the commitment.
This is the same project that ten banks opened as a study on 10 October 2025. Back then the group described a 1:1 reserve-backed form of digital money for G7 currencies. Eight of those ten are still here: Santander, Bank of America, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD and UBS.
Barclays and BNP Paribas are not on the September roster. Ten new names take the count to 21: Wells Fargo, BBVA, Capital One, Commerzbank, Credit Agricole, Lloyds, PNC, Scotiabank, Rabobank and Standard Bank. Under the GENIUS Act, a payment stablecoin holds reserves 1:1 in cash, Treasury bills and repo. The same law bars issuers from paying holders any interest or yield.
