Banks Form Joint Venture to Launch Dollar Stablecoin in 2027

Twenty-one of the world's largest banks, including Goldman Sachs, Bank of America, and Citi, have formed a joint venture to create a dollar stablecoin.

The consortium, which also includes European, Asian, Middle Eastern, and African institutions, aims to launch the token in the first half of 2027, with a euro version to follow.

The banks, which have been exploring the idea since October 2025, are careful to say the project is still subject to closing conditions.

The new token will be issued by the bank-owned entity itself and will be backed 1:1 by reserves, with no dependence on a single crypto-native issuer's balance sheet.