Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, Fidelity, and others have agreed to establish a joint venture to issue stablecoins.

Initially, the project will focus on a stablecoin pegged to the U.S. dollar. In the future, the consortium plans to issue digital currencies denominated in other G7 currencies as well, with the euro being the next priority.

The stablecoin is intended for use in cross-border payments, settlements involving digital assets, and both institutional and retail segments. The project will be aligned with banking standards for compliance, governance, and risk management.

The product launch is scheduled for the first half of 2027. The consortium aims to ensure compliance with the requirements of the U.S. GENIUS Act and the European MiCA.