Foreign media reports that a US dollar stablecoin project, supported by 21 global financial institutions, is expected to be launched in the first half of 2027 at the earliest. Participants include banks such as Bank of America, Citibank, Goldman Sachs, Deutsche Bank, and UBS. Several industry executives believe that bank resources can bring advantages in the early distribution phase, but this does not mean that they will be able to challenge USDT and USDC at the circulation level.
The bank alliance already has customer channels.
This plan will establish a new stablecoin company in the second half of 2026, followed by the issuance of a US dollar-stabilized coin. In the future, it may also be extended to other G7 currencies, with the euro-stabilized coin being listed as a priority direction.
The article points out that the greatest advantage of the banking alliance is not technology, but rather its existing customer relationships. The member institutions already serve the finance departments of large enterprises, handle cross-border payments, and operate compliance systems in multiple jurisdictions. This means that new stablecoins are more likely to enter the corporate settlement and institutional payment scenarios first.
Intercommunication and redemption determine circulation
Commentary articles state that issuing stablecoins is not necessarily the most difficult step; what truly determines success or failure is whether funds can flow smoothly between different networks and account systems. If a company holds these tokens, it must be able to redeem them for dollars quickly, or to convert them at low cost between different stablecoins, tokenized deposits, and traditional bank accounts.
Wallet support is also a crucial aspect. Before integrating a self-hosted wallet, a comprehensive evaluation of the entire usage process, including holding, transferring, exchanging, and making payments, is typically conducted. Attention is also paid to smart contract audits, the transparency of issuance and redemption, as well as whether the technical standards across different chains are consistent.
The article also mentions that if tokens rely on bridging mechanisms to circulate across multiple chains, it may introduce additional risks and lead to dispersed liquidity for the same stablecoin on different chains. In contrast, native minting and destruction, or coordinated cross-chain issuance methods, are more conducive to reducing fragmentation issues.
Bank endorsement alone is not sufficient to lead to adoption.
Many respondents believe that in the end, the competition among stablecoins will revolve around usability, rather than the reputation of the issuer. Users will consider whether it is compatible with existing wallets and commonly used networks, whether there is sufficient trading volume, whether redemption processes are smooth, and what one can actually do with the tokens once obtained.
The article takes Societe Generale's digital asset business as an example, stating that its USD CoinVertible product, launched in 2025, despite being backed by a large bank, had a circulation scale of only about 12.55 million US dollars as of September 4th. This indicates that institutional endorsement does not necessarily translate into widespread use.
Interviewees believe that if new projects want to compete in the market, they may need to offer clear advantages in terms of lower cross-border settlement costs, direct connections to corporate bank accounts, and integration with tokenized financial products. Otherwise, facing the existing exchanges, wallets, market makers, and on-chain networks established by USDT and USDC, it will be very difficult for new entrants to change the market landscape merely by relying on their list of bank partners.
Additional information:The original text mentions that the consortium has not yet disclosed the token name, supported blockchain, reserve custodian, governance model, or redemption process. These details will directly affect whether it becomes a widely used payment tool or remains primarily within the internal settlement networks of its member institutions.
