Banks Unite to Launch US Dollar Stablecoin in 2027

A group of 21 financial institutions, including Goldman Sachs and Bank of America, plan to create a company in 2026 to issue a cryptocurrency pegged to the US dollar in the first half of 2027.

The group aims to expand into stablecoins pegged to other G7 currencies, with the euro as a priority. Stablecoins are used for crypto trading and allow for the movement of money around the world in the form of cryptocurrency.

This comes after a rebound in crypto prices in 2024 and US President Donald Trump's support for the sector sparked a revival of interest in using blockchain in mainstream finance.

The group will compete with Qivalis, a consortium of 37 financial institutions that plan to launch a euro-pegged stablecoin later in 2026. Some banks are members of both groups, while others have issued their own stablecoins, including President Trump's family business, World Liberty Financial.