Banks Gang Up to Launch US Dollar Stablecoin in 2027

A group of 21 major financial institutions has announced plans to launch a US dollar-denominated stablecoin in the first half of 2027.

The consortium, which includes Goldman Sachs, Bank of America, Citi and Deutsche Bank, aims to use the bank-backed stablecoin for blockchain payments, settlement and cross-border transactions.

The proposed stablecoin will initially be denominated in US dollars, with the group also looking to develop stablecoins linked to other Group of Seven (G7) currencies, including the euro, which is expected to be a priority for future expansion.

The initiative was first announced in October 2025 and has since expanded from 10 banks to 21 financial institutions as traditional financial firms increase their focus on blockchain-based payment systems.