Banks Join Forces to Launch Dollar Stablecoin in 2027

A group of 21 financial institutions, including Goldman Sachs and Bank of America, plans to establish a company that will issue a dollar-pegged cryptocurrency in the first half of 2027. The group, which initially consisted of 10 banks announced in October 2025, has expanded its scope to include stablecoins pegged to other G7 currencies, with the euro being a priority.

The move is seen as a response to renewed interest in blockchain technology following a rebound in cryptocurrency prices in 2024 and U.S. President Donald Trump's support for the sector. However, some experts have expressed caution, citing concerns over the risks posed by privately issued stablecoins on monetary policy and financial stability.

The new dollar-pegged stablecoin will compete with Qivalis, a consortium of 37 financial institutions that plans to launch a euro-pegged stablecoin later this year. Some banks, such as BBVA, belong to both groups. The stablecoin market is dominated by Tether, which has issued over $180 billion worth of its dollar-pegged token.