21 major financial firms plan joint dollar stablecoin venture

A consortium of 21 major financial institutions plans to launch a U.S. dollar-denominated stablecoin venture in the first half of 2027, initially targeting commercial clients and cross-border payments.
Participants include Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Fidelity, Deutsche Bank, UBS, Santander, MUFG and several other global financial groups.
The consortium plans to create a separate company to operate the venture, starting with a dollar stablecoin before potentially expanding into other G7 currencies.
$JPM is not part of the group and has separately explored its own stablecoin initiative. The project highlights growing competition among traditional banks to build blockchain-based payment and settlement infrastructure.