Standard Bank is the only African financial institution among 21 global firms preparing to launch a new US dollar-denominated stablecoin, giving Africa a seat in one of the banking sector’s biggest moves into digital assets.
The consortium plans to establish a new company in the second half of 2026 and launch its first stablecoin in the first half of 2027, subject to closing conditions. The group said the token will be designed for wholesale, institutional and retail use, including cross-border payments and digital-asset settlement.
The initiative brings together major financial institutions across North America, Europe, East Asia, the Middle East and Africa.
Standard Bank is the sole representative from Africa. The other participants include Bank of America, Citi, Goldman Sachs, Wells Fargo, UBS, Deutsche Bank, Santander, MUFG Bank and Fidelity Investments.
Standard Bank’s role
Standard Bank’s participation comes as the South African banking group expands its work in digital assets and blockchain-based payments.
The bank identified digital assets as one of its strategic areas at its 2026 Capital Markets Day, with a focus on stablecoins, tokenised deposits, digital-asset custody and investment solutions.
It has also supported ZARU, a rand-denominated stablecoin, and said blockchain-enabled cross-border flows through its Aroko infrastructure have surpassed R1 trillion since inception.
Standard Bank has also been building infrastructure for faster cross-border payments. In 2025, it became the first African bank to connect clients directly to China’s Cross-Border Interbank Payment System, or CIPS.
That experience could be relevant as the consortium develops a stablecoin intended for international payments and settlement.
Dollar stablecoin first
The consortium will initially focus on a US dollar-denominated stablecoin before expanding into other G7 currencies.
A euro-denominated stablecoin has been identified as the next priority, with the group eventually aiming to support additional G7 currencies.
The planned venture will operate globally and intends to comply with applicable regulatory requirements, including the US GENIUS Act and the European Union’s Markets in Crypto-Assets framework.
The group’s decision to target payments and digital-asset settlement places it in direct competition with established stablecoin issuers such as Tether and Circle, whose dollar-backed tokens already dominate the market.
Why the African seat matters
Standard Bank’s inclusion gives an African bank direct involvement in a project being developed by some of the world’s largest financial institutions.
For Standard Bank, the move also fits with its existing digital-asset strategy rather than representing a sudden entry into stablecoins.
The bank says it processed more than R164 trillion in payments during 2025 across its network and has been investing in infrastructure for cross-border transactions.
A stablecoin designed for cross-border settlement could therefore complement the bank’s existing payment infrastructure, particularly as businesses look for faster ways to move value between countries.
However, the consortium has not yet disclosed the stablecoin’s name, blockchain network, reserve structure or the specific role each member will play in issuing or distributing the token.
The new company is expected to be established later this year, with the first stablecoin targeted for launch in the first half of 2027. For Africa, Standard Bank’s involvement means the continent will have one financial institution inside the group developing that infrastructure from the beginning.