Int'l banks plan stablecoin, OpenPayd enters US market

Published September 4, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

A consortium of international FIs plan to issue a U.S. stablecoin in early 2027
London-based OpenPayd enters the U.S. by acquiring MSB U.S.A.
The U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more.

International bank consortium to develop new stablecoin in '27

A group of 21 financial institutions said this week that they planned to establish a new company in the second half of the year that would issue a U.S. dollar-denominated stablecoin in early 2027.

The unnamed enterprise plans to later expand stablecoins backed by other G7 currencies, prioritizing the euro.

Banks from North America, Europe, East Asia, the Middle East and Africa are involved, including Bank of America, PNC Financial Services, Wells Fargo, Banco Santander, MUFG Bank, Sirius International Holding and Standard Bank. —Joey Pizzolato

OpenPayd enters US market through buying MSB USA

OpenPayd, a London-based banking-as-a-service platform working with firms like Kraken and eToro, has entered the United States by acquiring MSB USA, a money services business. The deal, completed this week after final regulatory approvals, includes 43 state money transmitter licenses. MSB USA will continue to deliver its services while preparing for full integration into the OpenPayd platform.

"OpenPayd has something few providers can claim: regulated infrastructure spanning both fiat and digital assets, on both sides of the Atlantic," OpenPayd founder Dr. Ozan Ozerk said in a statement.

The transaction comes as OpenPayd prepares to go public in the U.S. in the near future. In June, OpenPayd and Titan Acquisition Corp. announced a "definitive business combination agreement," under which OpenPayd is expected to be listed on Nasdaq, in a transaction valuing the company at up to $1.145 billion. OpenPayd's combination with Titan is expected to close in late 2026. —Melinda Lucy

Citi fined £4.7 million in UK for Russia sanctions breaches

The U.K. has fined Citi's local business more than £4.7 million ($6.3 million) for handling hundreds of transactions in breach of sanctions against Russia.

The Office of Financial Sanctions Implementation said Citi NA's London branch processed 970 payments worth a total of more than £19.7 million for accounts that should have been restricted.

Most of the breaches occurred in the months after Russia's invasion of Ukraine in 2022, which triggered international sanctions against a swathe of Russian individuals and businesses. However, some of the transactions that Citi voluntarily flagged to the OFSI took place as late as 2025.

The errors were "material and significant and they occurred across a wide range of business areas and systems within the bank," according to the OFSI, an arm of the Treasury.

"We are pleased to conclude this matter with OFSI," a spokesperson for Citi said in a statement, adding the unit "proactively" engaged and cooperated with OFSI through its investigation. —Marion Dakers, Bloomberg News

JPMorgan’s former macro credit trading co-head joins Redhedge

The former co-head of global investment-grade and macro credit trading at JPMorganChase has resurfaced at London hedge fund Redhedge Asset Management.

Pierre Morel has joined as lead portfolio manager, helping expand the business and hire for front-office roles, according to Chief Executive Officer Andrea Seminara. He started Wednesday in London and will report directly to Seminara.

"His extensive experience across global credit markets will play an important role as we continue to grow the firm," Seminara said.

At JPMorgan, Morel was previously involved in market-making for single-name credit-default swaps in the financial sector, as well as subordinated bonds sold for regulatory purposes by banks, according to his LinkedIn profile. He left the Wall Street bank about a year ago.

Morel didn't immediately respond to a request for comment. Bloomberg News reported last year that Morel was set to retire as Nick Adragna had been tapped to lead the global investment-grade and macro credit trading unit. —Tasos Vossos, Bloomberg News

SNB Bank council leadership will change with Ammann appointed

Switzerland's government appointed Christoph Ammann as the next president of the Swiss National Bank's bank council, the panel that oversees the institution.

Ammann, a politician of the Social Democrats, was economy minister of the canton of Bern until May and previously a mayor and cantonal lawmaker.

He has been on the bank council since 2019 and served as its vice president since last year. He will head the body from May of next year, the SNB and the government said in separate statements.

The bank council has no influence on monetary policy, but oversees and controls how the SNB conducts its business. It's also in charge of organizing the succession of interest-rate setters on the central bank's three-member board.

Ammann succeeds Barbara Janom Steiner, who has led the council for seven years and will reach the statutory limit on her time in office. Marc Mächler, another cantonal politician, will succeed Ammann as vice president. —Bastian Benrath-Wright, Bloomberg News