Banks Unite for Dollar-Backed Stablecoin Launch in 2027

Twenty-one major banks, including Goldman Sachs and Bank of America, plan to launch a dollar-backed stablecoin in 2027. The project is expected to be established by the end of 2026, with the digital asset's launch anticipated in the first half of next year.

The group of financial institutions also considers issuing stablecoins pegged to other Group of Seven currencies, with a euro-based digital asset being identified as the priority.

This move is seen as a challenge to crypto issuers, but an earlier bank-backed token shows how difficult adoption may be. A separate group of 37 financial institutions has already established a company called Kivális and plans to launch a euro-pegged stablecoin in late 2026.