A group of 21 global financial institutions have agreed to move forward with plans to jointly develop a globally distributed stablecoin, targeting a dollar-denominated stablecoin launch in the first half of 2027, according to a Tuesday press release.
The development confirmed a recent Wall Street Journal report that more than a dozen financial institutions were working on a global stablecoin venture, expanding on a bank-led digital-money effort first unveiled last year.
The consortium plans to establish a dedicated company to support the project. The company is expected to be established in the second half of 2026, subject to closing conditions, and will operate with a global focus.
Its first product is planned as a USD-denominated stablecoin, while the longer-term strategy includes stablecoins tied to additional G7 currencies, with a euro product a key priority.
The project expands on an initiative announced in October 2025, when 10 banks began exploring a 1:1 reserve-backed form of digital money designed to provide a stable payment asset on public blockchains. The group has since grown to 21 institutions headquartered across major financial centers.
