Consortium of 21 Financial Giants Announces G7 Stablecoin Project for 2027

A consortium of 21 major financial institutions, including Bank of America, Goldman Sachs, Citigroup, Deutsche Bank, UBS, Standard Chartered, Mitsubishi UFJ Financial Group, and Fidelity Investments, has announced plans to form a new company to develop and issue a stablecoin. The project aims to launch a USD-denominated stablecoin in the first half of 2027, with plans to expand to other G7 currencies, prioritizing the Euro. The stablecoin is designed for wholesale, institutional, and retail use, focusing on cross-border payments and digital asset settlement