Twenty-one banks and asset managers, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, and MUFG, have agreed to form a joint company to issue a US dollar stablecoin. The group plans to incorporate in the second half of 2026 and launch in the first half of 2027.

The token is intended for wholesale, institutional, and retail use, including cross-border payments and digital asset settlement. The consortium said it plans to comply with the US GENIUS Act and, where relevant, the EU's MiCA rules, and hopes to add stablecoins in other G7 currencies later, starting with the euro.

Several basic details remain open. The company's name, the token's name, the blockchain it will use, and the custodian for its reserves have not been decided. The agreement is also subject to standard closing conditions before the new company is formed.

The plan brings some of the largest traditional financial institutions into direct competition with existing stablecoin issuers. Its progress will depend on regulatory approvals, the choice of network, and whether a shared token can gain use without one member bank controlling it.