21 Banks and Asset Managers Plan Dollar Stablecoin Venture for 2027 Launch

A group of 21 banks and asset managers said they will form a joint venture in the second half of 2026 to issue a U.S. dollar stablecoin, with a target launch in the first half of 2027. According to ChainCatcher, the venture also plans to expand later into other G7 currencies, starting with the euro. The announcement did not disclose the company name, ownership structure, management team, custodian, or reserve manager. The group said it will comply with the GENIUS Act and MiCA, and aims to serve wholesale, institutional, and retail markets for cross-border payments and digital asset settlement. The initiative builds on a statement from October 10, 2025, when 10 banks said they were exploring a 1:1 reserve-backed digital currency. Eight of those original banks remain involved, while Barclays and BNP Paribas are absent. New participants include Capital One, Fidelity Investments, PNC, Scotiabank, Wells Fargo, WisdomTree, BBVA, Commerzbank, Credit Agricole, Lloyds Banking Group, Rabobank, Sirius International Holding, and Standard Bank. The stablecoin market is currently dominated by Tether and Circle, which together account for about 83% of supply. Six of the 21 institutions also support a shared tokenized deposit network led by the Clearing House, while JPMorgan Chase is not among the 21 participants.