21 Global Banks Join Forces to Launch New Stablecoin Venture

A coalition of 21 major banks and asset managers has announced plans to form a new company dedicated to issuing stablecoins for payments and digital asset settlement. The venture, expected to launch later this year pending final approvals, will initially focus on a US dollar-backed token before expanding to other major currencies.

Euro Token Marked as Next Priority

According to the announcement, a euro denominated stablecoin is planned as a key expansion step following the dollar product’s rollout, which is targeted for the first half of next year. The initiative builds on an earlier effort launched in late 2025, when a smaller group of banks first explored a fully reserve-backed digital payment asset on public blockchains.

Global Participation Spans Multiple Regions

The expanded group now includes institutions from North America, Europe, East Asia, the Middle East and Africa, reflecting growing international interest in regulated digital currency infrastructure. The move comes as the broader stablecoin market continues expanding rapidly, with total market value climbing significantly over the past year.

The banks say the new entity will be designed to comply with recent US and European digital asset regulations.