Global Banks Unite to Launch Regulated Stablecoin by 2027

Twenty-one global financial institutions have announced plans to launch a USD stablecoin in the first half of 2027. The group includes major banks such as Goldman Sachs, Citi, and Bank of America, as well as other international financial institutions like Banco Santander, BBVA, and UBS.

The new company will operate globally, initially focusing on a USD stablecoin and followed by other G7 currencies like the euro. The group plans to issue a 1:1 reserve-backed stablecoin or token on public blockchains for wholesale, institutional, and retail use, including cross-border payments and digital asset settlements.

The move comes as banks seek a regulated alternative for payments and settlement in the face of growing competition from crypto-native firms. The GENIUS Act and EU's MiCA compliance have also spurred banks to launch their own stablecoins, with several institutions already planning separate initiatives.