21 Top Banks Join Forces for Dollar-Backed Stablecoin Launch
A group of 21 major banks, including Goldman Sachs and Bank of America, have announced plans to launch a dollar-backed stablecoin in the first half of 2027. The venture will start with a single US-dollar stablecoin and is expected to issue coins in additional G7 currencies over time.
The new company, which remains unnamed, is expected to be formed officially in the second half of 2026. The banks involved in this effort have named a stablecoin euro version as their next priority after the dollar stablecoin.
The launch of a bank-backed stablecoin marks a new development in the market, which has been dominated by non-bank issuers so far. Ten global systemically important banks initially expressed interest in studying a 1:1 reserve-backed token that would live on public blockchains last October, and eight of those original ten are still involved.