Wall Street Consortium Plans Launch of New Dollar-Backed Stablecoin

A group of 21 major financial institutions is forming a new company in the second half of 2026 to issue a U.S. dollar-backed stablecoin, marking a significant entry of traditional finance into the digital asset space. The stablecoin is scheduled for launch in the first half of 2027, with an initial focus on payments and digital asset settlement. The consortium intends to expand its offerings to include a euro-denominated token and other stablecoins pegged to G7 currencies in the future.