Banks Unite for Dollar Stablecoin Launch in 2027
21 major banks are collaborating to launch a dollar-backed stable token in 2027. The group, which includes Goldman Sachs, Citi, and Bank of America, has grown from 10 initial members in October 2025 to 21 banks today. The new company will be formed this year, with the stablecoin planned for release in the first half of 2027.
The leading players include Goldman Sachs, Bank of America, Citi, Capital One, PNC, and Wells Fargo. Other financial institutions like BBVA, Deutsche Bank, TD, Scotiabank, UBS, Santander, Lloyds, Commerzbank, Crédit Agricole, Rabobank, and MUFG are also supporting the stablecoin project.
The banks aim to offer a 'safe, robust and trusted solution that combines bank-grade compliance, strong governance, distribution and institutional risk management.' They plan to use the token across wholesale, institutional, and retail markets, focusing on cross-border payments and digital asset settlements. The initiative also involves launching tokens pegged to other G7 currencies like the euro.