The G7's largest organizations have joined forces to create a common stablecoin.

A group of 21 banks and fintech companies from G7 countries has begun jointly developing a stablecoin. The project is overseen by the Bank for International Settlements and fits into the strategy of integrating digital assets into the traditional financial system.

The consortium includes major financial institutions, including JPMorgan, HSBC, and Standard Chartered, as well as payment giants Mastercard and Visa. Their goal is to create a stablecoin pegged to key global currencies: the US dollar, euro, and Japanese yen. This approach is intended to ensure asset stability and minimize the volatility risks typical of most cryptocurrencies.

The consortium plans to launch a US dollar-denominated stablecoin in the first half of 2027, subject to the company's formation and other conditions being met. The digital asset will target wholesale, institutional, and retail markets. The new digital asset is expected to reduce cross-border payment times to minutes and reduce transaction costs by 30–40% compared to traditional banking systems like SWIFT.

Recently, banking groups have been actively entering the stablecoin market. Societe Generale's cryptocurrency subsidiary has issued assets denominated in euros and dollars, while Fidelity has introduced a FIDD pegged to the US dollar. Previously, the editorial team Happy Coin News and also Reported, that Revolut launched EURR in several European countries.