On September 1, 21 financial institutions spanning North America, Europe, Asia, the Middle East, and Africa announced plans to establish a new company dedicated to issuing stablecoins. ^[1] A group of 21 global banks, including Bank of America, Citi, Goldman Sachs, Wells Fargo, Santander, BBVA, Deutsche Bank and UBS, is forming a new company to issue a dollar-backed stablecoin by 2027, aimed at cross-border payments and digital asset settlement for wholesale, institutional and retail clients. ^[2] The group intends to launch a US dollar-denominated stablecoin in the first half of 2027. ^[3] The group plans to extend issuance to other G7 currencies after the dollar stablecoin, with the euro as the first priority. ^[4] The stablecoin initiative plans to potentially expand into additional G7 currencies, with the euro identified as a priority. ^[5] The stablecoin will be fully backed by reserves and available on public blockchains; the new company's name has not yet been announced and is expected to be revealed soon. ^[6]