Goldman Sachs Leads 21-Firm Alliance in Dollar Stablecoin Push

A major alliance of 21 global financial firms, including Goldman Sachs, has announced plans to jointly issue a dollar stablecoin in the first half of 2027. The consortium aims to challenge USDT and USDC, currently the dominant players in the market.

The new stablecoin is intended for wholesale, institutional, and retail markets, with a focus on cross-border payments and digital-asset settlement. Issuance plans could expand to include stablecoins tied to G7 currencies, including the euro.

Citigroup projects that circulating stablecoin supply will reach $1.9 trillion by 2030, creating potential risks for banks, such as deposit outflows and bypassing of foreign-exchange and payment networks.