Twenty-one global financial institutions plan to form a company during the second half of 2026 to issue a USD stablecoin. The consortium targets the first half of 2027 for the planned token’s initial global launch.
According to the announcement, Goldman Sachs, Citi, and Bank of America are among the institutions backing the venture. It will operate globally and may later issue tokens linked to other G7 currencies, including the euro.
The consortium intends to create a 1:1 reserve-backed token on public blockchains. The USD stablecoin would support wholesale, institutional, and retail transactions, including cross-border payments and digital asset settlements.
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Who Joined the Global USD Stablecoin Consortium
The initiative has expanded since October 2025, when 10 participating firms were first announced. Its members now span North America, Europe, East Asia, the Middle East, and Africa.
North American participants include Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, and PNC Financial Services. Scotiabank, TD Bank Group, Wells Fargo, and WisdomTree have joined it.
European members include Banco Santander, BBVA, Commerzbank, Credit Agricole, Deutsche Bank, and Lloyds Banking Group. Rabobank and UBS complete their European membership.
MUFG Bank stands for East Asia, while Sirius International Holding represents the Middle East and Standard Bank for Africa.
The institutions said that the project was going to utilize the two entities’ distribution platforms alongside compliance, governance, and risk management infrastructure. This is, however, an assertion regarding a USD stablecoin that has not yet entered the market.
Why MUFG and BBVA Back the USD Stablecoin Plan
MUFG separately confirmed its participation in the September 2 announcement. BBVA released a statement for the consortium, but neither statement identified MUFG or specified the role of each member.
This comes at a time when banks are becoming increasingly involved in regulated cryptocurrencies. The GENIUS Act and MiCA from the European Union have provided clearer operating requirements for stablecoin services.
SoFi, Bank of America, Standard Chartered, PayPal, and Revolut are pursuing separate stablecoin projects.
Earlier reports highlighted mounting pressure on Circle as JPMorgan outlined plans to issue a stablecoin.
USD Stablecoin Faces Global Rivals Before 2027
This banking-led project will directly face off against dollar-backed tokens that are prevalent in cryptocurrency trading. The members are positioning the upcoming USD stablecoin as a regulated alternative for global payments and settlement.
Competition is also developing beyond dollar-backed assets. Qivalis, another consortium consisting of 37 organizations, intends to offer a euro-pegged token later in 2026.
BlackRock, Coinbase, Ripple, Mastercard, and other financial firms are teaming up to launch the Open Standard OUSD stablecoin. This may lead to fierce competition before the consortium offers its USD stablecoin by 2027.
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