Banks Plan Dollar Stablecoin Launch by Mid-2027
A coalition of 21 major financial institutions plans to launch a dollar stablecoin by mid-2027. The group includes Goldman Sachs, Citi, Bank of America, UBS, Deutsche Bank, Wells Fargo, Santander, Fidelity Investments, MUFG Bank, and Standard Bank.
The banks intend to form a company to issue the stablecoins for use in payments and digital asset settlement. A euro-denominated token is also planned, with the European Union's Markets in Crypto-Assets framework guiding its development.
The GENIUS Act, enacted July 18, 2025, provides a federal framework for bank stablecoin issuance through subsidiaries approved by the Office of the Comptroller of the Currency.
Bank of America chief executive Brian Moynihan previously signaled his bank's interest in entering the space if issuers were allowed to pay interest. The consortium's formation suggests that competing directly with non-bank issuers was preferable to ceding ground.