Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Stablecoin & Institutional Crypto News
Twenty-one financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Santander, Wells Fargo, MUFG Bank, Fidelity Investments, and Standard Bank, announced on Sept. 1 that they plan to form a company to issue stablecoins for payments and digital asset settlement.
The company has not yet been named and is <a href="https://www.prnewswire.com/news-releases/group-of-leading-international-financial-institutions-to-establish-stablecoin-enterprise-302866318.html" rel="nofollow noopener" target=”_blank”>expectedto be established in the second half of 2026, subject to closing conditions.
The group’s first product will be a US dollar-denominated stablecoin, which it plans to bring to market in the first half of 2027. It has identified a euro-denominated token as its next priority, with plans to eventually expand into stablecoins tied to other Group of Seven (G7) currencies. The consortium said its products will target wholesale, institutional, and retail use cases, including cross-border payments and digital asset settlement.
From 10 Banks to 21 Across 5 Regions
The initiative grew from a smaller project announced in October 2025, when 10 banks said they were exploring a reserve-backed digital payment asset available on public blockchains. The group has since more than doubled, bringing together institutions across North America, Europe, East Asia, the Middle East and Africa. The consortium said it intends to comply with the US GENIUS Act and the European Union’s Markets in Crypto-Assets Regulation (MiCA), where applicable.
The announcement lands in a stablecoin market that has grown considerably. Total stablecoin market capitalization rose from around $200 billion at the start of 2025 to approximately $303 billion as of Sept. 1, 2026.Tether (USDT) accounts for about 60% of that total. USD Coin (USDC), issued by Circle, holds more than 20%. Circle’s stock fell roughly 6% on Sept. 1, underperforming most crypto-linked equities on the day of the announcement.
Related Article:What Are Stablechains? Why Stablecoin Issuers Are Building Blockchains
Institutional Stablecoin Activity Has Been Building
Institutional interest in stablecoins was already visible in early 2025. A Fireblocks survey of 295 executives found that 90% were using or planning to use stablecoins at that time. Several large institutions have since moved from planning to production. Societe Generale’s crypto subsidiary has issued both euro- and dollar-denominated stablecoins. Fidelity launched its own US dollar-pegged FIDD stablecoin earlier this year. Standard Chartered backed a Hong Kong dollar stablecoin venture last month.
Singapore is also revisiting its approach to stablecoins. The country announced on Sept. 1 that it is considering allowing jointly issued cross-border stablecoins into its regulatory regime, walking back an earlier decision to limit the framework to domestically issued tokens. The regulatory momentum across multiple jurisdictions points to a shift in how governments are approaching digital dollars, with the new bank consortium positioning itself to operate within those emerging frameworks from the outset.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
Source: coinmarketcap.com