Banks Unite for Dollar Stablecoin Launch in 2027

A group of major global banks is planning to launch a dollar-pegged stablecoin in the first half of 2027. The initiative, led by Goldman Sachs, Bank of America, Citi, and Deutsche Bank, aims to establish a company that will issue the cryptocurrency this year.

The project has expanded since its initial announcement in October 2025 with 10 banks, now involving 21 financial institutions. In addition to the dollar-pegged stablecoin, the group plans to introduce stablecoins tied to other G7 currencies, with the euro being a priority.

Stablecoins are cryptocurrencies designed to maintain a fixed value against an asset like a conventional currency, often used for money transfers and trading in the crypto market. The renewed interest in blockchain technology is attributed to the 2024 rebound in cryptocurrency prices and US President Donald Trump's support for the sector.