Banks Join Forces on Dollar Stablecoin for Global Transactions

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

The consortium, which includes Goldman Sachs, Bank of America, Citi, and Deutsche Bank, aims to establish a company this year to issue the cryptocurrency.

The group also intends to expand into stablecoins pegged to other G7 currencies, with the euro being a priority.

This move comes as interest in blockchain technology has renewed following a rebound in cryptocurrency prices in 2024 and US President Donald Trump's support for the sector.