Bank-Led Stablecoin Project Aims for 2027 Launch with US Dollar Focus
A group of major financial institutions is working on a joint dollar stablecoin project. The initiative involves 21 participants, including Goldman Sachs, Bank of America, Citi, and Deutsche Bank, who plan to establish a company in 2026 to support the issuance of the token.
The goal is to launch the stablecoin in the first half of 2027. Initially, it will be pegged to the US dollar, with plans to issue tokens linked to additional G7 currencies later on, starting with the euro.
Stablecoins are digital tokens designed to track the value of a currency or another asset. The project's focus is on cross-border payments and settlement of digital assets.
The consortium's announcement did not provide details about supported networks or receiving arrangements for the proposed token.