Coverage: weekly note · Information to 7 September 2026
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TGB Weekly Research Note · 7 September 2026
Twenty-one financial institutions have committed to form a company to support a US dollar stablecoin, aimed at payments and settlement from the first half of 2027.
The desk view
Twenty-one financial institutions said on 1 September 2026 that they had committed to set up a company to support the issuance of a stablecoin, starting in US dollars and aiming for market in the first half of 2027. The step turns an October 2025 exploration by ten banks into a commitment to form a company. US law shapes the product: reserves must be held on an at least 1 to 1 basis, and issuers cannot pay holders interest or yield solely for holding the coin. Our view is that this is infrastructure for moving money rather than a bet on crypto prices, and that its value will turn on US implementing rules and on competition from Europe's Qivalis.
From exploration to a company
The new company is to be established in the second half of 2026, subject to closing conditions, with an initial focus on a US dollar coin and a longer-term ambition to issue in other G7 currencies, with a euro offering as a priority. Its name is still to be announced. On 10 October 2025 ten banks had said only that they were jointly exploring a 1:1 reserve-backed form of digital money on public blockchains, and set no timetable. The stated aim then was to test whether an industry-wide offering could bring the benefits of digital assets and enhance competition. The group has since widened to include Capital One, Fidelity Investments, PNC, Scotiabank, Wells Fargo, Commerzbank, Crédit Agricole, Lloyds and Rabobank, among others. Barclays and BNP Paribas, both named in October 2025, are not on the new list; BNP Paribas belongs to the separate euro consortium Qivalis. BBVA and Rabobank sit in both groups.
Bank-led stablecoin initiatives compared
| Ten-bank group | 21-member group | Qivalis | |
|---|---|---|---|
| Members | 10 | 21 | 37 |
| Currency | G7 currencies | USD first, EUR priority | EUR |
| Target launch | Not stated | H1 2027 | H2 2026 |
Source: Banco Santander, Reserve-backed digital money press release, 10 October 2025; Banco Santander, Stablecoin enterprise press release, 1 September 2026; Qivalis B.V., Consortium expansion press release, 20 May 2026; MUFG Bank, Stablecoin enterprise press release, 2 September 2026.