According to CoinMeta, as reported by Wu, 21 international financial institutions, including Bank of America, Citibank, Morgan Stanley, Deutsche Bank, UBS, Fidelity Investments, Wells Fargo, and Mitsubishi UFJ Financial Group, have jointly announced their commitment to establish a new company in the second half of 2026 to support the issuance of stablecoin products. The relevant arrangements still need to meet delivery conditions. The new company will initially launch stablecoins denominated in US dollars, with a target to enter the market in the first half of 2027, and has a long-term plan to expand to other G7 currencies, with the euro being a priority. These stablecoins are intended for the wholesale, institutional, and retail markets, with use cases including cross-border payments and digital asset settlements. The plan is also to comply with US Genius Act and EU MiCA regulations where applicable. This collaboration originated from an initial exploration by 10 banks in October 2025 to issue digitally native currencies backed by 1:1 reserves that could be used on public blockchains, and the number of participating institutions has now increased to 21.