21 Banks Join Forces for Dollar Stablecoin Launch in 2027

Twenty-one major banks, including Goldman Sachs and Deutsche Bank, are planning to launch a dollar stablecoin in the first half of 2027. The group announced that it will establish a company this year to issue the cryptocurrency pegged to the US dollar.

The project's membership has grown from 10 banks initially announced in October 2025 to 21 financial institutions today. The group also plans to expand stablecoin issuance pegged to other G7 currencies, with the euro as a priority.

This development comes amidst renewed interest in blockchain technology following the surge in crypto asset prices in 2024 and US President Donald Trump's support for the sector.

The new consortium will compete with another group comprising 37 financial institutions that has established Qivalis to launch a stablecoin pegged to the euro by the end of this year. Several banks, including BBVA, are members of both groups.