21 global banks and asset managers team up on stablecoin venture launching in 2027

A consortium of 21 major global banks and asset managers is forming a company to launch a U.S. dollar stablecoin, according to reporting from CoinDesk and The Daily Hodl on September 1. The group includes Bank of America, Wells Fargo, Citigroup, Goldman Sachs, UBS, Deutsche Bank, and Santander, along with financial institutions from Canada, Japan, the Middle East, and Africa. The venture is designed for cross-border payments and digital asset settlement, with the first customers being companies sending money overseas. Some regions may later offer the stablecoin to regular consumers. After launching the dollar version, the consortium plans to issue tokens tied to other Group of Seven currencies, with the euro as the first follow-on, per The Daily Hodl's reporting. Banks are treating this venture as a response to independent stablecoins that could pull deposits and payment fees away from them, according to available reporting. JPMorgan Chase, the largest U.S. bank by assets, is not part of the consortium. The bank has explored its own stablecoin, but those talks remain early and no product is in development, The Daily Hodl reports. Banks have also collaborated on tokenized deposits, which are regular bank deposits represented as digital tokens. No sources disclose the corporate structure, voting rights, revenue-sharing terms, blockchain deployment strategy, or regulatory licensing timeline for the venture.