Banks Gear Up to Launch Dollar-Pegged Stablecoin by 2027

A consortium of 21 financial institutions, including Goldman Sachs and Bank of America, is planning to create a company this year to issue a dollar-pegged stablecoin in the first half of 2027. The group aims to expand into stablecoins pegged to other G7 currencies, with the euro being a priority.

The move follows a rebound in crypto prices in 2024 and US President Donald Trump's support for the sector. This revival has sparked interest in using blockchain in the mainstream financial system.

The group will compete with another consortium of 37 financial institutions that formed a company called Qivalis, which plans to launch a euro-pegged stablecoin later this year. Some banks are members of both groups, including Spanish bank BBVA.