21 Global Banks Team Up to Launch US Dollar Stablecoin

A group of 21 major global financial institutions has formed an alliance to launch a US dollar-based stablecoin. The consortium, which includes Bank of America (BoA), Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments, plans to establish a new company to issue the stablecoin in the first half of 2027.

The joint project aims to provide a digital dollar business that can be used for cross-border payments and other transactions. The institutions will initially focus on a dollar stablecoin and later expand to products based on other G7 currencies, with the euro being the next priority.

The stablecoin market has grown quickly in recent years, and the passage of the US GENIUS Act and European Union's Markets in Crypto-Assets regulation (MiCA) has made it clearer for financial institutions to enter the regulated system. Institutional demand for stablecoins has already been confirmed, with a survey conducted by Fireblocks in 2025 showing that 90% of respondents were using or planned to use stablecoins.