CHARLOTTE, N.C. – Bank of America has joined 20 other international financial institutions in a plan to create a company that would issue regulated stablecoins, beginning with a U.S. dollar-denominated product targeted for the first half of 2027.
The institutions have committed to establish the company in the second half of 2026, subject to closing conditions. The venture has not disclosed its name, ownership structure or funding, and the stablecoin has not launched.
Stablecoins are digital tokens designed to maintain a steady value relative to an asset such as the U.S. dollar. The group says its proposed product could be used across wholesale, institutional and retail markets, including cross-border payments and settlement of digital-asset transactions.
For Charlotte-based Bank of America, the initiative places the company inside a broad banking coalition seeking a role in payment infrastructure that has largely developed outside traditional banks. Wells Fargo is also a participant.
The 21 institutions are headquartered across five regions identified by the group: North America, Europe, East Asia, the Middle East and Africa. Its North American participants are Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo and WisdomTree. Participants elsewhere include Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Rabobank, UBS, MUFG Bank, Sirius International Holding and Standard Bank.
The group’s Sept. 1 announcement says the new company intends to operate globally. After a dollar product, the venture’s longer-term ambition is to add stablecoins denominated in other Group of Seven currencies, with a euro product listed as the first priority.
The participants say the initiative will combine bank compliance systems, governance, distribution and risk management. It intends to comply with the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework when applicable. Those statements describe the group’s plans, not completed regulatory approvals.
The effort expands work announced in October 2025, when an initial group of 10 banks said it was exploring a one-to-one reserve-backed form of digital money available on public blockchains. The expanded group has not disclosed which blockchain networks it expects to use, who would hold reserves, how reserve assets would be composed or whether the product would be available directly to consumers.
It also has not disclosed transaction fees, member ownership shares, expected revenue, North Carolina investment or jobs connected to the venture. The second-half company formation and first-half 2027 market launch remain targets that could change.
BBVA published the same consortium details as a participating institution. Reuters reported that the venture would bring together major banks and investment firms around a shared dollar token, while the Charlotte Business Journal highlighted the participation of Bank of America and Wells Fargo.
Sources:
Charlotte Business Journal report
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