The initiative marks a significant expansion from an initial ten-bank pilot program launched in October 2025. Participants intend to build a reserve-backed digital payment asset that functions across public blockchains while adhering to strict regulatory standards, including the European Union’s MiCA framework. Initial development will focus on a USD-denominated stablecoin, with plans to introduce euro-based offerings as a primary follow-up.

The consortium includes prominent institutions across North America, Europe, East Asia, the Middle East, and Africa. By pooling institutional risk management and bank-grade compliance, the group seeks to facilitate cross-border payments and streamline digital asset settlements for wholesale and retail clients. While the entity remains unnamed, the project represents a collaborative effort to establish a trusted form of digital money capable of operating on a global scale.