21 Major Banks Unite to Launch Own Stablecoin by Mid-2027

Twenty-one major banks and financial institutions from around the world have partnered to form a company that will issue a US dollar-pegged stablecoin by mid-2027. The consortium, which includes Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, and Wells Fargo, aims to create a wholesale, institutional, and retail-use stablecoin for cross-border payments and digital asset settlement.

The company will be formed in the second half of 2026, with the launch of the dollar-pegged token targeted for between January and June 2027. The group has not disclosed which blockchain networks the token will be issued on, where reserves backing the token will be held, or how governance and redemptions will work.

The project is expected to comply with US regulations, including the GENIUS Act, and EU regulations such as MiCA. In the long term, the joint venture plans to extend the issuance of stablecoins to other G7 currencies, starting with the euro.