21 Banks Unite to Launch Global USD Stablecoin in 2027

A new consortium of 21 global financial institutions has announced plans to launch a USD stablecoin in the first half of 2027. The group includes major banks such as Goldman Sachs, Citi, and Bank of America, as well as other international financial institutions from North America, Europe, East Asia, the Middle East, and Africa.

The new company, which will operate globally, aims to issue a 1:1 reserve-backed stablecoin or token on public blockchains for wholesale, institutional, and retail use. This includes cross-border payments and digital asset settlements.

This move comes as banks seek a regulated alternative for payments and settlement, amidst increasing competition from existing USD stablecoins used mainly in crypto trading. The group plans to initially focus on the USD stablecoin, followed by other G7 currencies such as EUR.