Banks Unite for Dollar Stablecoin Launch in 2027

A group of 21 major financial institutions, including Goldman Sachs and Citi, are planning to launch a dollar-denominated stablecoin by 2027. This move marks a significant shift in the industry, as these banks aim to create a rival network to existing players like Tether and Circle.

The consortium has already doubled in size since its inception last year, with names spanning North America, Europe, East Asia, the Middle East, and Africa. The new company is expected to be established in the second half of 2026, with the stablecoin hitting the market in the first half of 2027.

The banks have chosen a one-for-one reserve-backed form of digital money available on public blockchains. This move is seen as a strategic attempt to comply with regulations such as the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA). The GENIUS Act was signed into law in July 2025, setting out reserve, redemption, and monthly disclosure rules for payment stablecoin issuers.

The consortium plans to expand its network beyond the dollar token, with a euro-denominated stablecoin being the next priority. This move is expected to create a multi-currency payments network with banks standing behind it.