Global Consortium of 21 Banks Targets USD Stablecoin Launch in 2027
A diverse group of 21 international financial institutions, including Bank of America, PNC Financial Services, Wells Fargo, Spain’s Santander, Japan’s MUFG, Standard Bank from Africa, and key East Asian banks, has announced plans to form a new company by the end of 2026. This entity aims to issue a US dollar-backed stablecoin in early 2027. Following this initial launch, the consortium intends to expand issuance to stablecoins pegged to other G7 currencies, starting with the euro.
Spanning important financial markets across North America, Europe, East Asia, the Middle East, and Africa, this coalition is designed to foster multi-regional collaboration. Their ambition is to enhance regulatory compliance and market adoption of stablecoins by leveraging the geographic and operational diversity of its members.
London-Based OpenPayd Moves into US Market Through MSB USA Acquisition
OpenPayd, a London-headquartered banking-as-a-service platform, has completed its acquisition of MSB USA, a US-based money services business, marking OpenPayd’s official entry into the American market. The acquisition includes money transmission licenses in 43 states. MSB USA will continue to operate until fully integrated with OpenPayd’s platform.
Dr. Ozan Ozerk, OpenPayd’s founder, highlighted the company’s comprehensive transatlantic regulatory framework covering both fiat and digital assets. This foundation supports OpenPayd’s planned Nasdaq listing by the end of 2026. Earlier this June, OpenPayd signed a definitive business combination agreement with Titan Acquisition Corp., a deal expected to value the company at $1.145 billion.
UK Regulator Imposes £4.7 Million Fine on Citi for Sanctions Violations
The UK’s Office of Financial Sanctions Implementation (OFSI) has fined Citi’s London branch £4.7 million (approximately $6.3 million) for processing 970 transactions valued at a total of £19.7 million in breach of Russia-related sanctions. The violations mainly occurred following Russia’s invasion of Ukraine in 2022, with some transactions continuing into 2025.
The regulator’s investigation identified extensive failures across multiple business units and control systems, describing the breaches as "significant and widespread." Citi cooperated fully with the investigation and proactively reported some of the infractions.
Former JPMorgan Executive Pierre Morel Joins London Hedge Fund Redhedge
Pierre Morel, previously co-head of global investment-grade and macro credit trading at JPMorgan, has joined London-based hedge fund Redhedge Asset Management as Chief Portfolio Manager. In this role, Morel will focus on business growth and expanding the front-office team.
Redhedge CEO Andrea Seminara noted that Morel’s deep expertise in global credit markets will be instrumental for the firm’s continued development. Morel departed JPMorgan last year to concentrate on a broader range of credit products and market strategies.
Christoph Ammann Appointed Chair of Swiss National Bank’s Governing Board
The Swiss government has appointed Christoph Ammann, a member of the Social Democratic Party, as the new Chair of the Swiss National Bank (SNB) Governing Board, effective May 2027. Ammann has served on the board since 2019, was vice chair starting last year, and has held prominent political roles including Bern state government economic minister, city mayor, and state legislator.
While the Governing Board oversees the SNB’s operations and senior management succession, it does not directly set monetary policy. Ammann succeeds Barbara Janom Steiner, who held the chair for seven years. The vice chair role will now be filled by Marc Mächler.