A consortium of 21 major international banks and financial institutions, including Goldman Sachs, Bank of America, Citi, Wells Fargo and Fidelity Investments, said on September 1, 2026 that it had agreed to form a new company in the second half of 2026, subject to closing conditions, to build and operate a shared U.S. dollar stablecoin platform targeted for market launch in the first half of 2027. The privately issued token is designed to comply with the U.S. GENIUS Act and, where applicable, the EU MiCA framework, and is framed as a commercial bank liability backed by reserves rather than a central bank digital currency. Membership spans five regions and also includes Capital One, UBS, Deutsche Bank, Santander, BBVA, MUFG Bank, Standard Bank, PNC, Scotiabank, TD Bank Group and others; JPMorgan is not on the list. After the dollar product, the group plans other G7 currency stablecoins with the euro prioritized. Total stablecoin circulation stood near $309.6 billion at research time, led by Tether’s USDT at about $183.4 billion, while regulated peer USDC was near $73.76 billion. European rival Qivalis, backed by 37 institutions across 15 countries, is targeting a euro stablecoin launch in the second half of 2026 under Dutch e-money authorization, putting it ahead of the dollar group’s timeline. Parallel efforts include the BankChain Alliance and Circle-linked Open USD. Company formation remains the first conditional milestone; no ticker, chain, reserve model or approval has been disclosed.