21 Banks Unite to Launch Dollar Stablecoin in 2027

Twenty-one major financial institutions have formed a consortium to launch a dollar-denominated stablecoin in early 2027. The group includes Citi, Goldman Sachs, Bank of America, and Fidelity Investments, among others.

The stablecoin will be designed for cross-border payments and digital-asset settlement across wholesale, institutional, and retail markets. A euro-denominated stablecoin is the next priority, followed by possible tokens linked to other Group of Seven currencies.

The consortium has not disclosed which blockchain or issuer will be used, nor what reserves will back the token. The project's success will depend on whether participating banks can turn their reach into direct redemptions, usable liquidity, and settlement demand.