Global Banks Team Up for Dollar-Based Stablecoin Launch by 2027
Global financial institutions are joining forces to develop a US dollar-based stablecoin. The initiative, led by Bank of America, Citi, and Goldman Sachs, brings together 21 firms, including Deutsche Bank and UBS. These banks plan to create the shared digital payment instrument, designed to track the value of specific assets like the US dollar. This joint effort aims to launch the dollar-based stablecoin in the first half of 2027.
The initiative marks a significant step towards building a global digital payment system. Stablecoins are cryptocurrencies that maintain a fixed value relative to an underlying asset, such as fiat currencies. The banks' plan is to create a shared reserve asset management system and launch the stablecoin within two years.