Goldman Sachs-Led Consortium Prepares to Launch Dollar-Pegged Stablecoin in 2027

A consortium of 21 financial institutions, including Goldman Sachs and Bank of America, is planning to launch a stablecoin pegged to the US dollar in the first half of 2027. The group aims to create a company by 2026 and has already expanded from its initial 10 banks announced last year. In addition to the dollar-pegged stablecoin, the consortium also plans to issue coins tied to other G7 currencies, with the euro being the top priority.

Stablecoins have gained interest in recent years, especially after the rebound in crypto prices in 2024. The revival is partly due to President Donald Trump's support for the sector and its potential use in mainstream financial systems. As a result, several major banks are entering the market, including Qivalis, a company formed by 37 financial institutions planning to launch a euro-pegged stablecoin later this year.

However, these new entities will be competing with Tether, the largest player in the stablecoin market, which has already issued over $180 billion worth of its dollar-pegged token and made billions in profits through investments. The sector is expected to grow significantly, with global card spending on stablecoins projected to quadruple to $50 billion by 2028.