Banks Unite to Launch Dollar Stablecoin in 2027 Amid Crypto Revival
A group of 21 financial institutions, including Goldman Sachs and Bank of America, plan to issue a dollar stablecoin together in the first half of 2027. The company they will create this year aims to expand into other G7 currencies as well.
The idea has sparked interest following a rebound in crypto prices in 2024 and US President Donald Trump's support for the sector. However, there are few signs of demand for stablecoins issued by banks, with the market dominated by Tether, which has issued over $180 billion worth of its dollar-pegged token.
The group will compete with a separate consortium of 37 financial institutions that formed a company called Qivalis and plan to launch a euro-pegged stablecoin later this year. Some banks are members of both groups, while others have issued their own stablecoins, such as the World Liberty Financial, which is President Trump's family business.