Group of Leading Banks to Establish Stablecoin Enterprise (PR Newswire)
Twenty-one global financial institutions intend to establish a new entity in H2 2026 to issue 1:1 reserve-backed stablecoins, initially USD-denominated with planned G7 currency expansion. Targeting an H1 2027 launch, the consortium aims for GENIUS Act and MiCA compliance. This initiative matters because it represents a highly coordinated, systemic effort by traditional finance to co-opt public blockchain infrastructure and challenge crypto-native issuers. The group comprises Bank of America, Capital One, Citi, Fidelity, Goldman Sachs, PNC, Scotiabank, TD, Wells Fargo, WisdomTree, Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds, Rabobank, UBS, MUFG, Sirius International, and Standard Bank. Notably absent are Barclays and BNP Paribas—participants in an initial exploratory phase announced in October 2025—alongside JPMorgan, which continues advancing its proprietary tokenized deposit network. [PR Newswire]
BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.
FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
