Major Banks Unite to Launch USD Stablecoin by 2027
A consortium of 21 financial institutions, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, plans to launch a USD-pegged stablecoin in H1 2027. The group has expanded from its original 10 members to include firms such as UBS, Fidelity Investments, Wells Fargo, and MUFG.
The stablecoin is intended for wholesale, institutional, and retail use, including cross-border payments and digital asset settlement. The project will comply with the US GENIUS Act and the European Union's Markets in Crypto-Assets (MiCA) regulation where applicable.
This initiative follows renewed interest in blockchain applications within traditional finance, linked to a rebound in cryptocurrency prices in 2024 and statements of support for the sector from U.S. President Donald Trump.