21 Banks and Asset Managers Plan a Dollar Stablecoin for 2027

Twenty-one banks and asset managers said on Tuesday they will set up a company to issue stablecoins, with a dollar token planned for the first half of 2027. Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, MUFG Bank and Fidelity Investments are among them. The company is due to be established in the second half of this year, and the token launch is conditional on that happening first. A euro token is the stated next step. Nobody has named the company, its jurisdiction or the blockchain it will run on.

A dollar token first, a euro token after

The token is aimed at wholesale, institutional and retail users at once, for cross-border payments and digital-asset settlement on public blockchains. The venture intends to meet the requirements of the US GENIUS Act, the federal stablecoin law, and of the European Union's Markets in Crypto-Assets framework. CoinDesk, Cointelegraph and LCX all carry those two regimes and no third. No regulator has been named as having reviewed anything, and no filing or application appears in any account. crypto.news, alone among the reports located, gives the Office of the Comptroller of the Currency a November target for final rules.

Who is on the list, and who prints it

The larger outlets name eight or ten members and stop there. Two smaller ones, TechStartups and crypto.news, print all 21, and their lists match name for name. Ten sit in North America, among them Capital One, PNC Financial Services, Scotiabank, TD Bank Group and WisdomTree. Eight are European, including BBVA, Commerzbank, Credit Agricole, Lloyds Banking Group and Rabobank. The last three are MUFG Bank in East Asia, Sirius International Holding in the Middle East and Standard Bank in Africa. CoinDesk, Cointelegraph and LCX describe those same five regions without saying which firm stands for three of them.

Sirius is the Gulf entry. The Abu Dhabi company, part of International Holding Company, won UAE central bank approval in February with IHC and First Abu Dhabi Bank for the dirham-backed DDSC, which runs on an institutional layer-2 network built in Abu Dhabi. DDSC was cleared for Dubai's regulated platforms after that. No outlet connects the two projects, and this desk does not either. They are two facts about one firm.

Two counts of the market they are entering

The size of that market is written two ways. CoinDesk puts it at about $303 billion, up from roughly $200 billion in early 2025, with Tether's USDT holding about 60% and Circle's USDC above 20%. The Crypto Times says Tether has more than $180 billion in circulation. Sixty per cent of $303 billion is close to $182 billion, so the two readings sit near each other. They are not the same measurement, and neither outlet checks its figure against the other.

Circle stock fell about 6% on the day of the announcement, CoinDesk reported, and no other located account carries a market reaction at all. The same report puts Circle's June fall on the Open USD announcement at about 8%. This desk covered that day and recorded a drop of more than 17%. Neither account states the window it measured, and the two do not reconcile.

An announcement is not an issuer

Three of the four main accounts date the first version of this group to October 2025, when ten banks said they were exploring digital money. CoinDesk does not mention it. Membership has more than doubled since, which is the clearest thing that has changed. What has not changed is that there is nothing yet for a regulator to act on. Not one of the eight reports located carries a verbatim quote from a named executive; every statement is attributed to the group as a whole. On the euro side a rival is further along, and Qivalis, a European bank venture The Block counts at 37 members, has a launch pencilled in for the second half of this year. BBVA appears on both membership lists. The dollar company does not exist yet, and until it is incorporated the 2027 date rests on a condition its own participants set.