21 Major Banks Unite for USD Stablecoin Launch

A group of 21 major banks plans to launch a USD stablecoin in H1 2027, marking a significant step towards mainstream adoption. The consortium, which includes Bank of America, Citi, Goldman Sachs, and Deutsche Bank, aims to establish a company by the second half of 2026.

The group's first product will be a US dollar-denominated stablecoin, followed by euro- and other G7 currency tokens. They plan to target wholesale, institutional, and retail use cases, including cross-border payments and digital asset settlement.

This initiative grew from a smaller project announced in October 2025, which involved 10 banks exploring a reserve-backed digital payment asset available on public blockchains.