21 Top Banks Unite to Launch Stablecoin in 2027

A consortium of 21 major financial institutions has announced plans to launch its own stablecoin company. The group, which includes Goldman Sachs, Citi, and Bank of America, aims to issue a U.S. dollar-denominated stablecoin in the first half of 2027.

The new company is expected to be established in the second half of 2026, subject to closing conditions. Regulatory compliance will be at the core of the project, with plans to comply with both the U.S. GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA) framework.

The consortium has more than doubled in size since an initial group of 10 banks announced their exploration of a reserve-backed digital payment asset available on public blockchains in October 2025. Circle shares took a hit, falling around 6% on the news, as the new venture is seen as added competition for its USDC stablecoin.